Trump administration sanctions Wellbred group tied to Iranian regime enabler

The US Treasury Department’s Office of Foreign Assets Control designated Wellbred Capital PTE. LTD. and two of its subsidiaries on August 24, sanctioning the Singapore-based commodities group as part of a broader crackdown on entities linked to Mohammad Hossein Shamkhani. The action falls under an initiative the administration has labeled “Operation Economic Outcast.” Wellbred’s subsidiaries, Wellbred Trading FZCO in the UAE and Wellbred Trading SA in Switzerland, were included in the designation under Executive Order 13902. The companies are accused of trading oil and petrochemicals under Shamkhani’s control while actively working to obscure their ties to Iran. A network under siege The initial US sanctions against Shamkhani landed around July 30, 2025. Since then, more than 200 individuals, entities, and vessels connected to his network have been sanctioned. Wellbred Trading SA acquired a French cooking oil refinery in 2024, a move apparently designed to build a veneer of legitimate commercial activity. The Wellbred entities were reportedly acquired around 2019 to function as a “clean brand,” minimizing visible ties to Iran and enabling market access that benefits the wider Shamk...