India, Aug. 25 -- The United States has blacklisted Singapore-based commodities trader Wellbred Capital Pte. Ltd. and its global subsidiaries due to their illicit financial and operational ties to an Iranian oil smuggling network. On August 24, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated these entities under Executive Order 13902 as part of a sweeping pressure campaign called Operation Economic Outcast.

US Sanctions Wellbred Capital, Singapore Company

The U.S. government states that Mohammad Hossein Shamkhani-an Iranian oil shipping magnate and son of a late top Iranian security official-is ultimately responsible for Wellbred's operations.

The network allegedly acquired Wellbred to mai...