UK targets Iranian oil trading network with company dissolution threat

The UK government is intensifying its crackdown on oil trading networks linked to Hossein Shamkhani, a prominent figure in Iranian and Russian crude trading.

The latest development involves a warning issued to London-based Nest Wise Trading Ltd., which faces imminent dissolution unless it complies with regulatory requirements, Caliber.Az reports, citing Bloomberg.

According to a notice from the UK’s Companies House dated September 3, Nest Wise Trading Ltd. is set to be struck off the corporate register within the next few months due to its failure to provide adequate information. Investigations by UK authorities have identified Shamkhani as the ultimate beneficial owner of the company. The move is part of a broader effort by both Washington and London to target entities believed to be evading oil-trading restrictions.

Nest Wise, a key player in Shamkhani's network, is known for its involvement in the sale of petroleum and related products. Many of its employees operate from a high-profile Dubai location central to Shamkhani’s operations.

Bloomberg News previously uncovered Shamkhani’s significant role in oil trading involving both Iranian and Russian crude. Despite Shamkhani's denials of ownership and control over these trading operations, evidence from a detailed investigation suggests otherwise. The US has already imposed sanctions on vessels linked to Shamkhani, and his father, Ali Shamkhani, has been sanctioned by the Trump administration due to his senior positions in the Iranian government.

As the UK continues to scrutinize Shamkhani’s business activities, the future of Nest Wise Trading Ltd. remains uncertain, with potential dissolution looming if the company fails to address the regulatory concerns.