The U.S. Treasury’s Office of Foreign Assets Control imposed sanctions on August 25 against Singapore-based trading firm Wellbred Capital and its subsidiaries, citing ties to Iranian oil shipper Mohammad Hossein Shamchani.
The measures encompass Wellbred’s trading operations in the United Arab Emirates, Switzerland, and a French refinery. The Treasury alleged that Wellbred’s network facilitates the transport of oil from Iran and Russia to global buyers, including via Shamchani’s shipping network, which was previously sanctioned in 2025 and 2026.
Wellbred, headquartered in Singapore, trades oil, naphtha, petrochemicals, and liquefied petroleum gas (LPG). The company maintains branches in the UAE, Switzerland, Saudi Arabia, and Nigeria. Shamchani is the son of the late Ali Shamchani, a senior Iranian security official. U.S. authorities did not provide further details on the specific transactions involved.
Wellbred Capital could not be reached for comment.
