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Iran-linked Swiss oil trader hit by US sanctions

The Trump administration has extended sanctions against the sprawling network of Iranian oil trader Hossein Shamkhani, targeting his Wellbred group of commodities businesses as part of a wide-ranging set of measures intended to isolate Iran. The Treasury Department’s Office of Foreign Assets Control has sanctioned Singapore-based Wellbred Capital, United Arab Emirates-based Wellbred Trading FZCO and Switzerland-based Wellbred Trading, according to a notice on Monday. It also named a French cooking oil refinery described as being owned by Wellbred, La Nivernaise de Raffinage SAS. + Iran war: Switzerland expects bumper tax from oil traders “Shamkhani built Wellbred as a company outside the network’s Iranian business, though Shamkhani is ultimately responsible for Wellbred’s operation,” the Treasury said in a statement. Washington has already sanctioned Shamkhani, the son of late senior Iranian security official Ali Shamkhani, and other companies in his network. The Singapore-based ... Full story here Are you the author?
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