U.S. Tightens the Screws on Iran’s Oil Trade with New Sanctions

The United States Treasury Department has imposed new sanctions on Iran's Petroleum Minister Mohsen Paknejad and persons involved in the "shadow fleet" of vessels facilitating illicit oil trade. The sanctions were made on March 13, 2025, in an attempt to drive Iran's crude exports to zero as part of...

The United States Treasury Department has imposed new sanctions on Iran's Petroleum Minister Mohsen Paknejad and persons involved in the "shadow fleet" of vessels facilitating illicit oil trade. The sanctions were made on March 13, 2025, in an attempt to drive Iran's crude exports to zero as part of President Trump's "maximum pressure" campaign. Paknejad, who oversees billions of oil exports and allocates significant revenues to Iran's military, has been sanctioned under Executive Order 13902. Sanctions also target Chinese and Indian firms operating vessels carrying Iranian oil, including Hong Kong-flagged vessels Peace Hill and Seasky. The U.S. State Department has also blocked three vessels and sanctioned three entities for facilitating crude oil sales. These actions are the third round of sanctions since February 2025, increasing efforts to cut off Iran's sources of revenue. Source: U.S. Treasury, Reuters