U.S. Sanctions Target Iran’s Oil Network

The United States enforced sanctions on Iran's Oil Minister and Hong Kong-flagged vessels concealing Iranian oil shipments. President Trump's 'maximum pressure' policy aims to stop Iran's nuclear ambitions by cutting oil exports to zero. Sanctions block assets in the U.S., curbing Iran's destabilizing activities.

The United States ramped up its pressure on Iran by imposing sanctions on the country's Oil Minister, Mohsen Paknejad, along with several Hong Kong-flagged vessels involved in concealing Iranian oil shipments. This move comes as part of President Donald Trump's 'maximum pressure' strategy aimed at curtailing Tehran's nuclear weapon ambitions and halting its funding of militant groups.

According to the Treasury Department, Paknejad oversees the export of Iranian oil worth tens of billions of dollars and allocates substantial revenues to Iran's armed forces for export. Treasury Secretary Scott Bessent emphasizes that the Iranian regime utilizes the proceeds from its vast oil resources to pursue its own self-interests at the expense of the Iranian people.

The sanctions extend to various entities involved in transporting Iranian oil to China, including vessels registered in Hong Kong, Seychelles, Liberia, Panama, and San Marino, according to the Treasury. These sanctions block U.S. assets of the designated parties and prohibit Americans from conducting any transactions with them, as the U.S. Department of State has labeled the entities and vessels as blocked property.

(With inputs from agencies.)