US sanctions Singapore oil trader Wellbred over Iran shipping ties
The US Treasury sanctioned Singapore-based Wellbred Capital and its UAE and Swiss trading firms over ties to an Iranian oil shipping magnate.
The United States has imposed sanctions on Singapore-based oil trader Wellbred Capital and its trading firms in the United Arab Emirates and Switzerland, citing their links to Iran. The move is part of Washington's broader effort to disrupt Tehran's international financial networks.
The US Treasury's Office of Foreign Assets Control (OFAC) said the company had ties to Iranian oil shipping magnate Mohammad Hossein Shamkhani. According to OFAC, Shamkhani built Wellbred as a company outside his network's Iranian business, though he remains ultimately responsible for its operations.
The sanctions also target Dubai-based Wellbred Trading FZCO, Wellbred Trading SA in Geneva, and its French biofuels refinery La Nivernaise de Raffinage SAS. Wellbred, headquartered in Singapore, trades in oil, naphtha, petrochemicals, and liquefied petroleum gas, with offices in the UAE, Switzerland, Saudi Arabia, and Nigeria.
OFAC had previously designated individuals, entities, and vessels linked to Shamkhani's shipping empire in July 2025 and April 2026. Shamkhani, the son of a deceased senior Iranian security official, operates a large fleet of tankers and containerships that transports oil and petroleum products from Iran and Russia to buyers worldwide, generating profits in the tens of billions of dollars.
Wellbred did not immediately respond to a request for comment. The latest measures target nearly 60 companies, individuals, and ships connected to the network.