The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has targeted Iran’s Minister of Petroleum, Iran’s network of vessels and STS operators in a new round of sanctions.
As announced, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating Iran’s Minister of Petroleum, Mohsen Paknejad, who oversees the export of tens of billions of dollars’ worth of Iranian oil and has allegedly allocated billions of dollars’ worth of oil to Iran’s armed forces for export.
Moreover, OFAC is also designating several entities in multiple jurisdictions, including the People’s Republic of China (PRC) and India, for their ownership or operation of vessels that have delivered Iranian oil to the PRC, or lifted Iranian oil from storage in Dalian, PRC. Additionally, the Department of State is targeting maritime service providers that have facilitated the STS transfer of Iranian crude oil.
The statement highlights that these sanctions apply further pressure on the “shadow fleet” and other vessels upon which Iran depends to deliver its oil to the PRC, advancing United States’ commitment to reduce Iran’s oil exports to zero.
“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 Scott Bessent, Secretary of the Treasury.
This marks the third round of sanctions targeting Iranian oil sales since the President issued the National Security Presidential Memorandum 2 on February 4, 2025, ordering a campaign of maximum pressure on Iran.
Concurrently, the State Department is designating three entities pursuant to E.O. 13846 and identifying three vessels as blocked property in which these entities have an interest.
