US sanctions Wellbred Capital for alleged ties to Iranian oil network

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Singapore-based commodities group Wellbred Capital PTE. LTD. and its global subsidiaries. The action, part of an initiative titled ‘Operation Economic Outcast,’ targets entities allegedly linked to Mohammad Hossein Shamkhani, an Iranian oil shipping magnate.

The sanctions include Wellbred Trading FZCO in the United Arab Emirates, Wellbred Trading SA in Switzerland, and the French refinery La Nivernaise de Raffinage SAS. US officials allege the network used these entities to create a veneer of legitimate commercial activity to obscure the trading of Iranian-sourced crude oil, naphtha, and liquefied petroleum gas.

According to the Treasury, the Wellbred network was reportedly acquired to function as a ‘clean brand’ to facilitate market access and generate revenue for Tehran. The designations prohibit any person or entity under US jurisdiction from conducting business with the sanctioned companies and freeze any assets within US reach. This move is part of a broader crackdown that has targeted hundreds of individuals, entities, and vessels connected to Shamkhani’s network.