US Treasury sanctions Singapore-based Wellbred and affiliates over Iranian ties

The U.S. Treasury’s Office of Foreign Assets Control placed sanctions on Wellbred Capital, a Singapore-based oil trader, and three related entities in the United Arab Emirates, Switzerland and France, accusing them of facilitating Iranian oil commerce. According to the agency, the firms are tied to Mohammad Hossein Shamkhani, a prominent Iranian oil shipping magnate who established Wellbred as an outward-facing operation while remaining ultimately responsible for its activities.

Wellbred’s portfolio includes trading of crude, naphtha, petrochemicals and LPG, with a presence in the UAE, Switzerland, Saudi Arabia and Nigeria. The sanctions follow earlier OFAC actions in July 2025 and April 2026 that targeted Shamkhani’s extensive fleet of tankers and container ships moving oil and other cargo from Iran and Russia. The network is reported to generate profits in the tens of billions of dollars. Wellbred did not reply to a request for comment on the new measures.