OFAC settlement: Adani Enterprises agrees USD 275 million over alleged Iranian LPG imports

Adani Group reached a settlement with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) over alleged sanctions breaches. The case concerned suspected imports of Iranian liquified petroleum gas through Mundra Port in Gujarat. Adani Enterprises Ltd (AEL) agreed to pay USD 275 million to settle potential civil liability. The company said the settlement was not a guilt finding.

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OFAC said AEL cooperated widely and shared its own review results early. The order said AEL produced large sets of documents and responded to agency queries. AEL also made group-wide upgrades to its sanctions compliance systems. The settlement resolved all related liabilities linked to the OFAC matter, according to disclosures from the company.

Adani Group OFAC settlement tied to Iranian LPG route

OFAC linked the apparent violations to LPG shipments routed through a Dubai-based trader. From November 2023 to June 2025, AEL bought LPG cargoes described as Omani and Iraqi supply. OFAC said the trader presented itself as a reputable intermediary. The order alleged the firm actually acted as a channel for Iranian LPG entering markets.

OFAC said none of the parties in AEL’s LPG imports were sanctioned during the shipments. It also said the papers given to AEL did not clearly show an Iranian source. However, OFAC said AEL and Adani Ports & SEZ had compliance programmes that missed other controls. Those gaps did not fully address the risks from such trading relationships.

Adani Group OFAC settlement amount reduced from maximum penalty

Under OFAC rules, the legal maximum could have been about USD 384 million. OFAC set the final settlement at USD 275 million. The agency cited voluntary self-reporting and early engagement by the company. It also pointed to remedial compliance steps and commitments that followed the internal review.

The issue began after Adani self-reported to OFAC in 2025. The company said it discovered that a vessel carrying Iranian-origin LPG had docked at Mundra Port. After public reports in June 2025 raised allegations about Iranian LPG imports, AEL stopped all LPG imports. AEL also hired US-based counsel to run a full review of its LPG business.

In February 2026, the company disclosed that OFAC had asked for information formally. The request covered transactions dating back to June 2023. OFAC was assessing whether payments via US financial institutions indirectly involved sanctioned Iranian entities. AEL later strengthened sanctions checks and added further internal controls, according to the order.

Adani Group OFAC settlement follows SEC case closure in US

The OFAC matter was separate from investigations by the U.S. Department of Justice and Securities and Exchange Commission. Still, it was the second US case closed within days. Last week, Gautam Adani and Sagar agreed to pay USD 18 million. The SEC alleged they misled investors by hiding an alleged bribery scheme.

That SEC settlement was linked to a broader US resolution taking shape. It also involved the Justice Department dismissing criminal fraud charges, as reported earlier. The same wider process included the Treasury Department imposing a civil penalty for Iran sanctions issues. Together, the DOJ, SEC, and OFAC outcomes were expected to reduce legal uncertainty.

Even during months of scrutiny, the group continued expanding in infrastructure, logistics, and energy. Filings showed listed Adani Group entities posted record EBITDA of about USD 5.3 billion in the first half of FY26. Capital expenditure in the same period was estimated at nearly USD 17 billion. The OFAC settlement closed the sanctions case tied to LPG imports.

With inputs from PTI