US Treasury reaches $275 million settlement with Adani Enterprises over Iran sanctions violations

The US Treasury Department on Monday said it had reached a $275 million settlement with Adani Enterprises over the company's potential civil liability linked to 32 apparent violations of US sanctions involving Iran, according to a Reuters report.

The US Treasury's Office of Foreign Assets Control (OFAC) said Adani Enterprises had purchased shipments of liquefied petroleum gas (LPG) from a Dubai-based trader that claimed to supply Omani and Iraqi gas, but the shipments had actually originated from Iran.

"Adani Enterprises had bought shipments of liquefied petroleum gas from a Dubai-based trader purporting to supply Omani and Iraqi gas that had actually originated from Iran," Treasury's Office of Foreign Assets Control said in a statement.

The development comes amid broader legal and regulatory proceedings involving billionaire Gautam Adani in the United States.

Reuters reported that the US Securities and Exchange Commission (SEC) separately settled a civil lawsuit against Gautam Adani over an alleged scheme involving bribery of Indian government officials, though the settlement remains subject to court approval.

The report also said the US Justice Department is close to dropping related criminal fraud charges against Adani, citing two sources familiar with the matter.

According to Reuters, the move comes as Adani has committed to invest $10 billion in the US economy.

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