The British government is ramping up efforts to curb those evading oil trading sanctions, taking action against a London-based entity linked to Iranian oil trader Hossein Shamkhani. The move is part of a broader push to reinforce oil trading restrictions.
Last month, Bloomberg revealed Shamkhani’s involvement in Iranian and Russian oil trading activities. His father, Ali Shamkhani, held significant positions in Iran’s military and government, including service as a naval commander for the Islamic Revolutionary Guard Corps and later as the Secretary of Iran’s Supreme National Security Council.
One of the key companies within Shamkhani’s network, Nest Wise Trading Ltd, based in London, was highlighted in the report. Today, Companies House issued a notice that Nest Wise faces the possibility of being dissolved in the coming months if it fails to meet specific requirements. According to sources cited by Bloomberg, the failure is related to insufficient information provided to regulators, who have identified Hossein Shamkhani as the ultimate beneficial owner.
Records show Nest Wise’s business spans the sale of petroleum products, fuels, ores, metals, and industrial chemicals. During its incorporation, Nest Wise Petroleum LLC, based in Dubai, was listed as its sole shareholder.
The UK and US governments have been collaborating for weeks to clamp down on entities believed to be circumventing oil trade restrictions. The US has already imposed sanctions on ships allegedly controlled by Shamkhani, while his father was sanctioned by the US in early 2020.
Shamkhani, however, has denied most of the claims made in Bloomberg’s report, including owning any oil companies, controlling a trading network, or having any involvement in commodity deals with Iran or Russia.
For additional reading on the impact of sanctions on global oil markets, you may want to explore studies on the economic implications of trade restrictions, or reports from Chatham House and The International Energy Agency that provide insights into the broader geopolitical dynamics.