US Sanctions Iran’s Oil Minister

An oil tanker seized by Iranian naval forces at the Gulf port of Bandar Abbas in southern Iran, on Oct. 31, 2022. IRNA/AFP via Getty Images

The United States announced on March 13 that it has sanctioned Iranian oil minister Mohsen Paknejad.

Under Paknejad, who has been in his role since August 2024, Iran has “allocated billions of dollars’ worth of Iranian oil to the Iranian armed forces, including the Islamic Revolutionary Guard Corps and the Iranian Law Enforcement Forces, both critical instruments in the regime’s tools of oppression,” according to the Treasury Department.

Iran’s armed forces receive approximately 200,000 barrels of Iranian crude oil per day, according to the department. The armed forces will get more than half of Iranian oil revenues by the end of this year, said the department. Oil is a key source of revenue for Iran.

Additionally, the U.S. State Department sanctioned three entities it says transported Iranian oil to Asia.

Shipload Maritime, which is based in Singapore, and Gianira and Bintang, which are based in Indonesia, were sanctioned for engaging in transactions related to Iranian petroleum, the State Department said.

Shipload Maritime owns a vessel called Malili, while Bintang and Gianira own vessels called Celebes and Marina Vision, respectively. The State Department said these ships facilitated transfers of Iranian oil on ships already designated by the United States as having transported Iranian petroleum.

Moreover, the Treasury Department sanctioned Hong Kong Heshun Transportation Trading and Hong Kong-based Seasky Marine and Sun Science International for allegedly operating vessels that Iran uses as disguises while transporting its petroleum products to its ally, China.

Hong Kong Heshun Transportation Trading is behind a vessel called Peace Hill, while Seasky Marine is in charge of a ship called the Seasky. Sun Science International is behind the vessel, Corona Fun.

Several other entities were designated by the Treasury Department for their alleged role in the Iranian petroleum business.

“The Iranian regime continues to fuel conflict in the Middle East, advance its nuclear program, and support its terrorist proxies. Iran’s illicit oil trade fuels these destabilizing activities,” said State Department spokesperson Tammy Bruce in a statement.

“Its oil exports are enabled by a network of shipping facilitators in multiple jurisdictions who, through obfuscation and deception, load and transport Iranian oil for sale to buyers in Asia.”

The sanctions exemplify President Donald Trump’s maximum pressure campaign on Iran in combating its malign activities such as its leading support for terrorist groups including Hamas and Hezbollah. Trump signed an executive order last month to restart his hawkish approach toward Iran.

“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 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.”