London Targets Tehran’s Sanctions-Busting Oil Trading Kingpin

The UK government is cracking down on oil-trading kingpin Hossein Shamkhani’s secretive oil trading empire, known for moving Iranian and Russian crude around the world. According to Bloomberg, Companies House, the UK corporate register, issued notice two weeks ago that London-based Nest Wise Trading Ltd. is to be dissolved within months due to the entity’s failure to provide sufficient information to regulators, with UK authorities linking it to Shamkhani.

Shamkhani, aka Hector,  is the son of Ali Shamkhani, advisor to Supreme Leader Ali Khamenei. His Dubai-based  Milavous Group Ltd is alleged to have raked in billions of dollars for illegally selling Iranian and Russian crude around the world. Washington and London have been targeting entities that they suspect have been sidestepping oil-trading restrictions.

“Unless cause is shown to the contrary, the Company will be struck off the register and dissolved not less than 2 months from the date shown above,” UK Companies House said in its notice about Nest Wise.

According to Companies House’ records, Nest Wise’s business includes the sale of petroleum and petroleum products, fuels, ores, metals and industrial chemicals. The filings also show that during the London entity’s incorporation, Dubai-based Nest Wise Petroleum LLC was the sole shareholder listed.

Last month, Bloomberg published an exposé revealing how Shamkani’s secretive network has been operating, dubbing the Iranian tycoon ‘The Kingpin Of Iran’s Oil Empire’.

“Companies in his network also sell oil and petrochemicals from non-sanctioned nations and sometimes mix crude from various jurisdictions, so even buyers who test barrels may not be able to identify the country of origin, the people said,” Bloomberg reported.

Bloomberg has reported that Washington has already sanctioned ships believed to be controlled by the Iranian businessman. His father Ali was sanctioned by the Trump administration in early 2020, although Shamkhani previously told Bloomberg that his father “never had nor does he have anything to do with my business activities.” 

Ali served as naval commander for the Islamic Revolutionary Guard Corps, defense minister and then Secretary of Iran’s Supreme National Security Council.

By Alex Kimani for Oilprice.com

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