Wellbred, an oil trader sanctioned by the United States over Iran-related links
As part of its efforts to target Tehran's international financial connections, the United States has imposed sanctions against Singapore-based Wellbred Capital, and its trading companies in?the United Arab Emirates, and Switzerland.
On Monday, the Office of Foreign Assets Control of the U.S. Treasury said that this company was linked to Iranian oil shipping magnate Mohammad Hossein Shamkhani.
"Shamkhani created?Wellbred outside of the network's Iranian businesses, although?Shamkhani ultimately is responsible for Wellbred?s operations," the statement said, outlining the measures that target nearly 60 companies and individuals.
Wellbred didn't immediately reply to a comment request.
The sanctions also included Wellbred Trading FZCO in Dubai, Wellbred Trading SA in Geneva, and La Nivernaise de Raffinage SAS (a French biofuels refinery) with its French biofuels refinery.
Wellbred, which has its headquarters in Singapore and offices in the United Arab Emirates (UAE),?Switzerland and Saudi Arabia, according to their website, trades oil, naphtha and petrochemicals, as well as liquefied gas.
OFAC had designated individuals, entities, and vessels that were a part of the vast shipping empire controlled by Shamkhani between July 2025 and April 20,26.
OFAC reported that Shamkhani is the son of the now deceased senior Iranian security official,?Ali Shamkhani. He operates a massive fleet?of tankers and containerships.
OFAC said that the network transports oil and petroleum products from Iran and Russia as well as other cargo to buyers around the world. The profits generated by this network are in the tens and hundreds of millions of dollars. (Reporting and editing by Tony Munroe, Clarence Fernandez and Florence Tan)
(source: Reuters)
