The US issued sanctions against Iran's Minister of Petroleum on Thursday as Washington pursues a policy of maximum pressure against Tehran, while also looking to re-engage in nuclear deal talks.
The Treasury department said Mohsen Paknejad oversees the export of "tens of billions of dollars’ worth" of Iranian oil and "has allocated billions of dollars’ worth of oil to Iran’s armed forces for export".
“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. “Treasury will fight and disrupt any attempts by the regime to fund its destabilising activities and further its dangerous agenda.”
The punitive measures also took aim at Iran's shadow fleet, placing sanctions on several vessels and entities linked to transporting Iranian oil to China.
"These entities provide services to the ghost fleet vessels conducting ship-to-ship transfer operations outside port limits in South-east Asia, and enabling Iran’s attempts to disguise its illicit oil trade," said State Department spokeswoman Tammy Bruce.
US President Donald Trump has committed to a policy of "maximum pressure" against Iran in an effort to drive "oil exports to zero" and prevent the country from developing a nuclear weapon.
"We will continue to disrupt illicit funding to curb malign activities, limit the financial resources available to corrupt officials and use all the tools at our disposal to hold the regime accountable," Ms Bruce said.
Thursday's sanctions come after Mr Trump sent a letter to Iran's leadership calling for the negotiation of a new nuclear deal. He withdrew the US in 2018 from an agreement between Iran and world powers that had placed limits on Tehran's nuclear programme in exchange for sanctions relief.
Iran's supreme leader Ayatollah Ali Khamenei on Thursday said Mr Trump's offer was aimed at "deceiving public opinion" and increasing pressure on Tehran.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
UAE currency: the story behind the money in your pockets
