The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), the U.S. sanctions agency, designated Singapore-based commodities group Wellbred Capital PTE. LTD. and its subsidiaries Wellbred Trading FZCO in the UAE and Wellbred Trading SA in Switzerland on August 24. The action, part of the administration’s initiative labeled "Operation Economic Outcast," was taken under Executive Order 13902 and targets entities linked to Mohammad Hossein Shamkhani. U.S. authorities accuse the companies of trading oil and petrochemicals under Shamkhani’s control while concealing their ties to Iran. More than 200 people, entities, and vessels linked to his network have been sanctioned since initial U.S. measures against Shamkhani around July 30, 2025. Wellbred Trading SA acquired a French cooking oil refinery in 2024, while the Wellbred entities were reportedly acquired around 2019 to serve as a "clean brand" and provide the wider network with market access. In March 2026, the U.S. Department of Justice filed civil forfeiture complaints targeting approximately $15 million linked to the network. U.S.-jurisdiction persons and entities are barred from doing business with the designated companies, their assets within U.S. reach are frozen, and financial institutions processing related transactions risk sanctions exposure. The designations also put regulators and banks in Switzerland and Singapore on notice to scrutinize clients exposed to Iranian oil flows. The DOJ’s $15 million forfeiture actions could give prosecutors a paper trail for broader cases and warn financial intermediaries that handling Wellbred-related funds carries legal risk.