"This action by the Americans only made me and my colleagues more determined to pursue our goals," he said, calling the US sanctions ineffective.

Speaking on Tuesday evening following a meeting with the Civil Committee of the Islamic Consultative Assembly, Bijan Zangeneh told reporters: “After seven years, the US intelligence service discovered that, Bijan Zangeneh, the Minister of Petroleum, should be sanctioned because of his relationship with the Ministry of Petroleum.”

“This was a very secret issue and that is why I was sanctioned! Congratulations to the Americans for their smartness,” he quipped.

"I have no capital outside of Iran," he said, referring to the impact of the US action, stressing that the sanctions had no effect. “This American move only made me and my colleagues more determined to pursue our goals.”