Used as a catalyst in various oxidation reactions, including the epoxidation of alkenes, oxidation of sulfides to sulfoxides, and oxidation of alcohols to aldehydes or ketones. It is effective in homogeneous catalytic systems due to its stability and reactivity under mild conditions, and can often be recycled in certain setups. Also employed in the synthesis of fine chemicals and pharmaceuticals where selective oxidation is required. Shows utility in research as a model compound for molybdenum-containing enzymes involved in oxygen transfer reactions.