Washington Imposes Sanctions on International Iranian Oil Shipping Network

Washington has imposed sanctions on Singapore-based Wellbred Capital and two of its subsidiaries in the UAE and Switzerland due to their connections to Iran, as part of ongoing pressure on financial networks linked to Iran. The Office of Foreign Assets Control (OFAC) at the U.S. Treasury Department stated that the company is associated with Iranian businessman Mohammad Hossein Shamkhani, who specializes in oil shipping. The sanctions also targeted Wellbred Trading F.Z.C.O. in Dubai, Wellbred Trading S.A. in Geneva, in addition to its French biofuel refinery, La Nevernaise du Raffinage. OFAC clarified, in a statement covering around 60 companies, individuals, and vessels, that Shamkhani established Wellbred as a separate front from his Iranian business network, but he remained ultimately responsible for its operations. The company has not yet responded to a request for comment. According to its website, Wellbred trades in oil, naphtha, petrochemicals, and liquefied petroleum gas, and maintains offices in the UAE, Switzerland, Saudi Arabia, and Nigeria. The Office of Foreign Assets Control had previously imposed sanctions in July 2025 and April 2026 on individuals, entities, and vessels linked to a shipping empire controlled by Shamkhani, the son of the late Iranian security official Ali Shamkhani. The department indicated that Shamkhani's network operates a large fleet of oil tankers and container ships, transporting oil and petroleum products from Iran and Russia to buyers worldwide, thereby generating tens of billions of dollars in profits.