OFAC settles with Adani Enterprises for $275 million over apparent Iran sanctions violations

WASHINGTON, May 18, 2026 - The U.S. Treasury Department’s Office of Foreign Assets Control announced a $275 million settlement with Adani Enterprises Ltd. over 32 apparent violations of Iran-related sanctions, saying the Indian company caused U.S. banks to process about $192 million in dollar payments for liquefied petroleum gas shipments that actually originated in Iran, despite being presented as Omani or Iraqi cargo.

OFAC said the conduct ran from November 2023 to June 2025 and was egregious and not voluntarily self-disclosed. The agency said Adani should have investigated multiple red flags, including third-party warnings, suspicious vessel behavior, implausible shipping patterns, questionable trade documentation and prices that were significantly below market levels.

According to the enforcement release, Adani bought 35 cargos of Iranian-origin LPG from a Dubai-based supplier and its affiliates, with 32 U.S. dollar payments routed through U.S. financial institutions. OFAC said several vessels involved later were designated and that Adani did not take sufficient additional due diligence steps beyond reviewing documents and obtaining supplier assurances.

OFAC said Adani suspended LPG imports in June 2025 after public allegations surfaced, hired U.S. counsel, cooperated extensively with the investigation and strengthened sanctions compliance controls across its corporate group. The agency said the statutory maximum penalty was about $384 million, but it credited the company’s cooperation and remediation in reaching the $275 million settlement.

The case underscores OFAC’s warning that non-U.S. companies can face major exposure when they use the U.S. financial system for energy trades involving high-risk jurisdictions and rely too heavily on counterparty paperwork without deeper scrutiny.