US Expands Sanctions on Oil Mogul’s Network in Iran Crackdown

(Bloomberg) — The Trump administration has extended sanctions against the sprawling network of Iranian oil trader Hossein Shamkhani, targeting his Wellbred group of commodities businesses as part of a wide-ranging set of measures intended to isolate Iran.

The Treasury Department’s Office of Foreign Assets Control has sanctioned Singapore-based Wellbred Capital Pte. Ltd., United Arab Emirates-based Wellbred Trading FZCO and Switzerland-based Wellbred Trading SA, according to a notice on Monday. It also named a French cooking oil refinery described as being owned by Wellbred, La Nivernaise de Raffinage SAS.

“Shamkhani built Wellbred as a company outside the network’s Iranian business, though Shamkhani is ultimately responsible for Wellbred’s operation,” the Treasury said in a statement.

Washington has already sanctioned Shamkhani, the son of late senior Iranian security official Ali Shamkhani, and other companies in his network.

The Singapore-based Wellbred entity did not immediately respond to calls and emails requesting comment. The UAE- and Swiss-based companies also did not immediately respond to queries outside normal business hours.

Washington unveiled sanctions against dozens of entities on Monday, with Treasury Secretary Scott Bessent saying the US was focusing on five of Iran’s “most vital lifelines,” including digital assets, technology, gold, aviation and shipping.

Bessent also threatened to sanction a major financial institution over Iran ties by the end of this week but didn’t name the target.

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