Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and Adani Enterprises Limited
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Key facts
Source:US Treasury OFAC (U.S. Treasury, public domain)
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has reached a $275 million settlement with Adani Enterprises Limited (AEL), a company headquartered in Ahmedabad, India. The agreement addresses potential civil liabilities involving 32 apparent breaches of U.S. sanctions regarding Iran.
According to the announcement, between November 2023 and June 2025, AEL acquired several shipments of liquefied petroleum gas (LPG). While a Dubai-based trader claimed the gas originated from Iraq and Oman, OFAC determined that the product actually came from Iran. The agency noted that certain indicators should have alerted the company to the true origin of the fuel.
As a result of these transactions, AEL facilitated the processing of 32 payments through U.S. financial institutions. These payments, all denominated in U.S. dollars, amounted to approximately $192.1 million.
OFAC stated that the settlement figure accounts for the serious nature of the violations and the fact that the conduct was not voluntarily disclosed by the company. However, the final amount also reflects the cooperation AEL provided during the investigation and the corrective steps the company implemented after the activity was discovered.
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