Intimation for execution of settlement agreement with OFAC
ADANIENT · price
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Adani Enterprises has entered into a $275 million settlement agreement with the U.S. Treasury's Office of Foreign Assets Control (OFAC). The settlement was reached on May 14, 2026, and announced on May 18, 2026. The original maximum statutory penalty was $384.2 million but was reduced due to factors including the company's cooperation, the small size of its LPG business (less than 1.5% of 2025 consolidated revenue), and remedial compliance measures. The settlement stems from allegations that Adani Enterprises purchased LPG shipments from a Dubai-based trader between November 2023 and June 2025, where red flags indicated the gas actually originated from Iran in violation of U.S. sanctions. The settlement is without admitting the allegations.
The $275 million payout represents a significant one-time cost for Adani Enterprises, though the company notes its LPG business was a minor part of overall operations. The settlement closes a major regulatory matter that has been hanging over the group since 2025, bringing closure to the OFAC investigation but without exoneration.