The Trump administration, through OFAC, designated Singapore-based Wellbred Capital and its subsidiaries (Wellbred Trading FZCO in the UAE and Wellbred Trading SA in Switzerland) on August 24 for trading oil and petrochemicals under the control of Mohammad Hossein Shamkhani. The action is part of « Operation Economic Outcast » and a broader campaign that has now targeted over 200 entities linked to this network. In March 2026, the US DOJ filed civil forfeiture complaints targeting approximately $15 million linked to this network. Assets are frozen and all transactions with these companies are now prohibited for persons subject to US jurisdiction.
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