US Sanctions Wellbred Capital Over Links to Iranian Oil Network

The US has imposed sanctions on Singapore-based Wellbred Capital and affiliated trading companies in the UAE and Switzerland, citing their links to Iran as Washington intensifies efforts to disrupt Tehran’s global financial and oil networks.

The US Treasury Department’s Office of Foreign Assets Control (OFAC) said the measures target nearly 60 companies, individuals, and vessels, including entities linked to Iranian oil shipping magnate Mohammad Hossein Shamkhani.

OFAC said Shamkhani established Wellbred as a company operating outside his broader Iranian business network, while ultimately retaining responsibility for its operations.

The latest sanctions also target Dubai-based Wellbred Trading FZCO, Geneva-based Wellbred Trading SA, and French biofuels refinery La Nivernaise de Raffinage SAS.

Headquartered in Singapore, Wellbred trades in oil, naphtha, petrochemicals, and liquefied petroleum gas (LPG), with offices in the UAE, Switzerland, Saudi Arabia, and Nigeria, according to the company’s website.

The action is part of broader US efforts to disrupt Shamkhani’s international shipping and trading network. OFAC previously sanctioned individuals, entities, and vessels associated with the network in July 2025 and April 2026.

According to OFAC, Shamkhani, the son of late senior Iranian security official Ali Shamkhani, operates a large fleet of tankers and containerships that transport oil and petroleum products from Iran and Russia, as well as other cargo, to buyers worldwide.

The US Treasury said the network has generated profits amounting to tens of billions of dollars through its global shipping and trading activities.