Adani settles Iran sanctions case with OFAC

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has agreed a $275 million settlement with Adani Enterprises Ltd to resolve potential civil liability for apparent Iran sanctions violations. The agreement was disclosed in U.S. government and media reports dated May 18, 2026.

According to Treasury, the settlement covers 32 apparent violations of U.S. sanctions on Iran. The case centers on purchases of liquefied petroleum gas (LPG) by Adani Enterprises from a Dubai-based trading firm.

Treasury said the Dubai trader represented the LPG shipments as originating in Oman and Iraq. However, OFAC stated that the shipments actually came from Iran, bringing them under U.S. sanctions restrictions.

The Treasury statement emphasized that the $275 million settlement resolves the related potential civil liabilities for Adani Enterprises. It also stated that the agreement does not constitute a finding of guilt or wrongdoing by the company.

In outlining the basis for the settlement, Treasury described a pattern of LPG purchases routed through the Dubai-based intermediary. The shipments were presented to Adani Enterprises as compliant cargoes from Oman and Iraq.

Bloomberg reported that Treasury cited "red flags" that should have put Adani Enterprises on notice about the true origin of the LPG. These indicators, according to the Treasury account, suggested the shipments were in fact sourced from Iran.

The 32 apparent violations referenced by OFAC are linked to these LPG transactions. The settlement brings to a close OFAC's civil enforcement exposure for Adani Enterprises related to these specific dealings, according to the Treasury description.

Treasury framed the outcome as resolving potential civil liability rather than establishing any admission or legal determination of sanctions violations by the company.

Alongside the OFAC settlement, news reports on May 18 cited additional U.S. actions involving Adani-related matters. The U.S. Securities and Exchange Commission (SEC) was reported to have separately settled a civil lawsuit involving Gautam Adani.

The SEC matter is distinct from the OFAC sanctions case, focusing on civil claims directed at Gautam Adani. Details of the SEC settlement terms were not included in the reports summarized here.

News coverage also reported that the U.S. Department of Justice (DOJ) is said by some outlets to be close to dropping related criminal fraud charges. Those reported DOJ developments are described as connected to the broader set of Adani-related legal issues.

Taken together, the OFAC settlement, the reported SEC civil resolution, and indications of possible DOJ action point to a series of U.S. regulatory and enforcement steps concerning Adani Enterprises and Gautam Adani disclosed on May 18, 2026.