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Wellbred, the Geneva firm Washington links to Iranian oil
🇨🇭 Switzerland /Economy & Trade

Wellbred, the Geneva firm Washington links to Iranian oil

From Le Temps · () French

Translated from French and summarized by DistantNews. Read the original for the full story.

At a glance

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  • The U.S. Treasury has sanctioned Wellbred Capital, a Geneva-based firm, and its related entities, alleging ties to an Iranian oil network.
  • The network is reportedly controlled by Mohammad Hossein Shamkhani, son of a former advisor to Iran's leader.
  • The sanctions, while not automatically binding in Switzerland, could severely impact the company's operations.

Wellbred Capital, a Geneva-based trading firm, has been placed on the U.S. Treasury's sanctions list, accused of being part of a network involved in Iranian oil trade. The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Wellbred Capital, its Geneva and Emirati entities, and the French refinery La Nivernaise on August 24.

According to U.S. authorities, Wellbred Trading is linked to an oil network allegedly controlled by Mohammad Hossein Shamkhani. Shamkhani is identified as the son of a former advisor to Iran's supreme leader, indicating a high-level connection within the alleged illicit trade scheme.

This designation, while not automatically enforceable within Switzerland, carries significant implications. Such sanctions can drastically isolate a targeted company from the international financial system, severely hindering its ability to conduct business globally. The move signifies a heightened effort by the U.S. to disrupt Iran's oil revenue streams.

About this summary

Originally published by Le Temps in French. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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