Molecular oxygen's unique involvement in electron-transfer processes is demonstrated on a series of dyads between porphyrin derivatives and fullerene C60. It has been shown for the first time that oxygen can serve as an inhibitor of back electron transfer by enhancing intersystem crossing of a singlet radical ion pair into its triplet state. The effect is observed only when energy of the charge-separated state is lower than that of the locally excited triplet states. Due to the spin statistics, the reverse intersystem crossing is less efficient, allowing use of oxygen and other paramagnetic species for impeding charge recombination in various electron-transfer systems.