News Summary

• The US sanctioned four Indian companies on Monday for allegedly trading in Iranian petroleum and petrochemical products.
• The additions came as the Treasury Department launched “an unprecedented, whole-of-government, economic campaign against the Islamic Republic of Iran and its enablers” Bilateral trade between India and Iran is currently at around $1.6 billion.
• Iran has largely blocked commercial shipping via the Strait of Hormuz, through which a fifth of the world’s energy previously passed.