Sanctions Scrutiny: Adani Enterprises Cooperates with US Probe into Iranian Oil Trades

In a significant regulatory update on February 10, 2026, Adani Enterprises confirmed it is now in active discussions with the US Department of the Treasury’s sanctions enforcement arm. The disclosure, made via a SEBI filing, reveals that the Office of Foreign Assets Control (OFAC) has opened a civil investigation into whether the conglomerate facilitated the import of sanctioned Iranian petroleum products into India.

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While the company maintains that it has strictly adhered to international law, the news has reignited investor anxiety regarding the Group’s multi-front legal battles in the United States.

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The OFAC Inquiry: Civil Investigation Timelines

According to the regulatory filing, the investigation centers on transactions processed through U.S. financial institutions between June 2023 and the present.

• The Request: Adani received the formal RFI through its counsel on February 4, 2026.

• Voluntary Engagement: Adani stressed that it proactively initiated contact with OFAC last year to clarify its position following media reports.

• Status: The company noted that the RFI contains no findings of “aberrations or non-compliances” and is currently a fact-finding exercise.

The WSJ Allegations: Satellite Imagery and “Shadow” Tankers

The probe stems from a June 2, 2025, Wall Street Journal investigation that used satellite imagery and ship-tracking data to map tanker movements between the Persian Gulf and Mundra Port in Gujarat.

1. Ship Spoofing: The report identified tankers like the SMS Bros (later renamed Neel) that allegedly disabled their tracking systems to visit Iranian LPG terminals before docking at Adani-operated facilities.

2. Sanctions Evasion Patterns: Experts cited in the report claimed the operational patterns—discrepancies in reported routes and port records—were characteristic of attempts to dodge secondary sanctions.

3. The Trump Factor: US President Donald Trump reiterated in 2025 that any entity purchasing Iranian oil or petrochemicals would be subject to secondary sanctions, effectively cutting them off from the US dollar-clearing system.

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Financial Exposure: Why Adani Claims Minimal Impact

In an effort to calm the markets, Adani Enterprises provided specific data to show that the LPG business is non-material to the Group’s bottom line.

• Revenue Contribution: LPG accounted for only 1.46% of Adani Enterprises’ revenue and a mere 0.5% of the broader Adani Group’s revenue in FY24–25.

• Precautionary Halt: To mitigate risk, the company declared it had ceased all LPG imports effective June 2, 2025, shortly after the initial allegations surfaced.

Cumulative Pressure: Bribery Indictments and Regulatory Heat

The Iran probe is just one of several legal headaches for Gautam Adani. The conglomerate is simultaneously navigating:

• The Bribery Indictment: A US federal indictment alleging a $250 million bribery scheme to secure solar power contracts in India.

• SEC Summons: Ongoing litigation regarding whether the Group misled US investors about its anti-corruption policies during fundraising rounds.

• Hindenburg Fallout: Residual scrutiny from the 2023 short-seller report that first questioned the Group’s transparency and offshore structures.

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[ADANI GROUP REGULATORY SNAPSHOT – FEB 10, 2026]

Next Steps

If you are an investor in Adani Group stocks, you should watch for the February 13 record date for the second and final call payment of Adani Enterprises’ rights issue, as capital raising efforts may be sensitive to this news. Furthermore, pay close attention to the Oman-led indirect talks between the US and Iran; any easing of energy sanctions could potentially mitigate the severity of future findings in this probe.

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