The US Treasury Department announced on Thursday that it had imposed sanctions on Iranian Petroleum Minister Mohsen Paknejad, marking the latest development in President Donald Trump's ongoing efforts to apply "maximum pressure" on Tehran, AFP reported.
The sanctions also targeted three entities involved in the Iranian oil trade in China, while blocking three shipping vessels connected to these transactions.
"The Iranian regime continues to use the proceeds from the nation's vast oil resources to advance its narrow, alarming self-interests at the expense of the Iranian people," said US Treasury Secretary Scott Bessent in a statement.
"Treasury will fight and disrupt any attempts by the regime to fund its destabilizing activities and further its dangerous agenda," Bessent added.
According to the US State Department, the vessels in question were used to transport Iranian crude oil off the coast of Nipa, Indonesia, on December 25, 2024.
"These entities provide services to the ghost fleet vessels... enabling Iran's attempts to disguise its illicit oil trade," stated US State Department spokeswoman Tammy Bruce.
"Today's action advances President Trump's policy of maximum pressure on the Iranian regime."
Last month, Trump reinstated his "maximum pressure" campaign against Iran, imposing new sanctions on the Islamic Republic. The policy mirrors the aggressive sanctions strategy his administration enforced during his first term in office.
Bessent said last week that the Trump administration is ramping up sanctions on Iran in an attempt to dismantle its oil industry and bring its struggling economy to the brink.
“We are going to shut down Iran’s oil sector and drone manufacturing capabilities,” Bessent declared, adding, “Making Iran broke again will mark the beginning of our updated sanctions policy. If I were an Iranian, I would get all my money out of the rial now.”
Iran has expanded its nuclear activities since 2019, following the decision by Trump, in his first term in office, to withdraw from the 2015 nuclear deal signed between Iran and world powers.
Despite the escalating sanctions, Trump has reiterated his willingness to engage in nuclear negotiations with Iran. He has also said that he would rather reach a deal with Iran on its nuclear program than have Israel attack Iran’s nuclear facilities.
Rejecting Trump’s call, Iranian Supreme Leader Ayatollah Ali Khamenei has cautioned the Iranian government against engaging in talks with Washington, describing such a move as “reckless.”