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The United States imposed sanctions on Singapore-based Wellbred Capital and its trading firms in the United Arab \u200bEmirates and Switzerland, citing links with Iran, as \u200cit steps up measures to target Tehran\u2019s global financial links.<\/strong><\/p>\n The company had ties to Iranian oil shipping magnate Mohammad Hossein Shamkhani, the U.S. Treasury\u2019s \u200bOffice of Foreign Assets Control said on its \u200bwebsite on Monday.<\/p>\n \u201cShamkhani built Wellbred as a company outside \u2060the network\u2019s Iranian business, though Shamkhani is ultimately responsible \u200bfor Wellbred\u2019s operations,\u201d it added in a statement outlining the \u200bmeasures targeting nearly 60 companies, individuals and ships.<\/p>\n Wellbred did not immediately respond to a request for comment.<\/p>\n Also sanctioned were Dubai-based Wellbred Trading FZCO, \u200bWellbred Trading SA in Geneva and its French biofuels \u200brefinery La Nivernaise de Raffinage SAS.<\/p>\n With headquarters in Singapore, Wellbred trades in \u200coil, \u2060naphtha, petrochemicals and liquefied petroleum gas and has offices in the United Arab Emirates, Switzerland, Saudi Arabia and Nigeria, it says on its website.<\/p>\n OFAC had previously designated individuals, entities and \u200bvessels forming \u200bpart of a \u2060vast shipping empire controlled by Shamkhani in July 2025 and April 2026.<\/p>\n Shamkhani, the son of \u200bnow-deceased senior Iranian security official Ali Shamkhani, \u200boperates a \u2060massive fleet of tankers and containerships, OFAC had said.<\/p>\n The network ferries oil and petroleum products from Iran and Russia, as \u2060well \u200bas other cargo, to buyers around \u200bthe world, generating profits running into tens of billions of dollars, OFAC added.<\/p>\n<\/div>\n