US sanctions Singapore-based Wellbred Capital tied to Mohammad Hossein Shamkhani
The US just sanctioned Singapore-based oil trader Wellbred Capital and its trading firms in the United Arab Emirates and Switzerland, saying they had ties to Iranian oil shipping magnate Mohammad Hossein Shamkhani.
Even though Wellbred looks international on paper, US officials say Shamkhani is ultimately responsible for Wellbred's operations.
Earlier sanctions targeted Shamkhani empire
The network controlled by Mohammad Hossein Shamkhani is accused of helping move Iranian and Russian oil worldwide, reportedly generating profits running into tens of billions of dollars.
This isn't the first time: earlier rounds of sanctions in July 2025 and April 2026 hit individuals, entities, and vessels forming part of a vast shipping empire controlled by Shamkhani.
Besides trading oil, petrochemicals, and gas, Wellbred also has offices in Saudi Arabia and Nigeria.