UK Sanctions Iranian Oil Tycoon, London Hedge Fund in Crackdown

The UK sanctioned an Iranian business magnate and several key firms in his network, the latest in a series of clampdowns on one of the Islamic Republic’s most influential oil trading empires.

Hossein Shamkhani, whose father is a senior adviser to Iran’s Supreme Leader Ayatollah Ali Khamenei, was sanctioned along with trading firms Admiral Shipping Group and Milavous Group, plus hedge fund Ocean Leonid Investments.