Four Indian companies, three nationals face U.S. sanctions over Iran Oil Trade

The United States has imposed sanctions on four Indian companies and three Indian nationals over  the import of Iranian petroleum and petrochemical products. The sanctions are part of  'Operation Economic Outcast', a new campaign of tougher-than-ever sanctions against Iran, the Wire reported. 

The sanctioned companies are Sadashiva Overseas Limited, according to the U.S. imported $69 mn worth of Iranian-origin petroleum products between February 2024 and June 2025. Some of these supplies came from Bonjoure Commodity FZE, which had previously been sanctioned by the US.

PP Softtech Private Limited and Prakrutees Infra Impex India Private Limited were each said to have imported $25 mn worth of petroleum and related products from Iran, the outlet said adding that the total sanctioned imports by the four companies are worth $119 mn. The Wire reported that Prashant Garg, identified as a director of PP Softtech, was added to the US sanctions list, The firm’s partners, Indrismiya Asharafmiya Shekh and Harish Ramchandra Rangi are individual Indian nationals who have been sanctioned separately.

Iran said it was "fully prepared" to face these and more US sanctions. Iranian Economy Minister Ali Madanizadeh said Iran had a "two-year plan" to counter them. Madanizadeh said neither China nor Russia had accepted the US measures, and predicted other countries would resist them.

The latest US sanctions list includes around 20 new companies in China and Hong Kong and four China-based individuals as well.

China hits out at 'illegal' new US sanctions on Iran and trading partners

China said it was firmly opposed to what it called "illegal unilateral sanctions" and would take "all necessary measures" to safeguard its rights.

This came after US Treasury Secretary Scott Bessent announced the new measures warning any nation financially partnering with Iran would be isolated, BBC reported. 

TOI reported that over 90% of Iranian oil exports are to China and Trump's secondary sanctions won’t impact China as “Washington is trying to preserve a fragile trade truce with China”. The newspaper also said that the previous threats of sanctions against any constructor company doing business with Iran were not implemented. 

“Dozens” of Chinese firms are implicated by new US sanctions on Iran, although the US avoided targeting major Chinese financial institutions, reported Bloomberg.

Hormuz crises pushed India to pay $22.5 bn more in Fossil fuel import bills: CREA

India paid an additional $22.5 billion for fossil-fuel imports between March and August 2026 as the Hormuz crisis drove up oil and gas prices, making it the second-most affected importing country globally after China, FE reported citing CREA report. 

China faced the highest additional cost at $35.5 billion, followed by India at $22.5 billion and the US at $16.5 billion. The Netherlands paid an extra $13.5 billion, South Korea $13.2 billion, Italy $12.7 billion and Japan $12 billion.

Crude oil alone accounted for $164 billion of the additional global cost, with prices averaging a 35% premium over pre-conflict market expectations. Refined fuels saw even sharper increases. Diesel and gasoil prices were 59% higher, adding $74 billion, while gasoline prices rose 43%, adding another $36 billion.

Countries importing fossil fuels have incurred more than $330 billion in additional costs in the six months since the Hormuz crisis began on February 28, 2026, as disruptions to global shipping pushed oil and gas prices sharply higher, according to new research.

Importers have paid an additional $55 billion a month on average, making the price shock the largest sustained one since the 1990 Gulf War, Centre for Research on Energy and Clean Air (CREA) said in its latest report.

India’s crude import bill surges 41% in July amid West Asia crisis; volumes up 13%

India’s crude oil import bill rose over 41% year-on-year to $13.7 billion in July, according to provisional data released by the Petroleum Planning and Analysis Cell (PPAC), as  uncertainty in West Asia pushed up the cost of shipments, reported the Hindu. 

The country’s crude oil imports rose 13.3%  to 21.4 million metric tonnes (MMT) in July, compared with 18.9 MMT in the same month last year. In terms of prices, amid sharp increase in international crude prices, India’s crude basket averaged $82.04 a barrel in July, up from $70.95 a barrel a year earlier. Benchmark Brent crude prices remained volatile during the month.

The newspaper said, India’s liquefied natural gas (LNG) imports increased marginally by 1.5% year-on-year to 2,915 million standard cubic metres (MMSCM) in July.

India remains heavily dependent on overseas supplies to meet its energy requirements, with crude oil imports accounting for 88.5% of the country’s total crude oil consumption, according to the provisional PPAC data.

Overall, the country’s net import bill for oil and gas – which is the difference between petroleum products, crude and gas imports; and exports of petroleum products – increased more than 19% on a year-over-year basis to $11.2 billion, the report pointed out. 

China’s thermal power generation fell 3.5% in July, while wind and solar power grew 4.5% and 5.6% respectively

China’s CO₂ emissions fell in July, driven by a 3.5% decrease in power generation from coal and gas combined with falling coal, cement, and crude steel output. Coal mine output has now seen a full year without year-on-year growth, reported CREA. 

The outlet said, coal power generation dropped 2.5% after six consecutive months of year-on-year growth. Power generation from coal and gas is still up 2% year-to-date, due to exceptionally poor wind conditions, increased wind and solar curtailment, and relatively rapid power demand growth in the first half of the year.

China’s China has published a five-year plan for oil and gas development, which targets a “broad expansion of domestic production, pipeline infrastructure and storage capacity”, reported Caixin adding that the policy hones in on two priorities: reducing risks of global supply disruptions, worsened by the current West Asia crises, and peaking oil consumption in tandem with the “gradual integration of lower-carbon alternatives”. 

China Electric Power News : the plan “markedly elevates” the role of gas to an “indispensable” energy source for hard-to-electrify industries and a “power system stabiliser”.

China published an “action plan” for the safe production of power during the 15th five-year plan period (2026-2030) :  BJX News the plan aims to prevent “major systemic safety risks”, including by strengthening “risk control for thermal power units” caused by the energy transition.

National Energy Administration head Wang Hongzhi:  “volatility and uncertainty of power flow” from renewables and “new operating conditions, such as deep peak-shaving by coal-fired power units”. the risks to power infrastructure from more frequent and “disastrous” extreme weather, “against the backdrop of global warming.”