Hossein Shamkhani is an Iranian oil magnate.
His Dubai-based company, Milavous Group Ltd., is accused of illegally generating billions of dollars by selling Iranian and Russian crude globally. According to an Iranian researcher, "The Shamkhani network can be considered one of the three largest oil traders in Iran."
In July 2025, he was targeted with sanctions by the United States and European Union for allegedly generating billions of dollars in oil revenue for the regimes in Tehran and Moscow. He and his brother own real estate in Dubai under aliases in Caribbean passports.
He is the son of Ali Shamkhani, a former adviser to IranâÂÂs Supreme Leader Ali Khamenei.
Bloomberg L.P. reported that Shamkhani controls an oil empire that accounts for a significant portion of Iranian and Russian crude oil exports. The report links him to the Dubai-registered Milavous Group Ltd., which has generated billions of dollars by selling goods from Iran, Russia, and other countries. He is said to have utilized citizenship-by-investment schemes to gain entry into the global banking system.
Shamkhani is said to control a network of companies that facilitate the export of oil and petroleum products from Iran and Russia through countries that have not imposed Western sanctions. His companies operate a fleet of dozens of vessels, including tankers and cargo ships.
According to U.S. officials, Shamkhani is a key figure in the supply of Iranian weapons to Russia. Through a network of companies, including the Dubai-based Crios Shipping LLC, he is accused of transporting missiles, drone components, and dual-use goods.
The U.S. Treasury Department is investigating JPMorgan Chase's relationship with a hedge fund reportedly connected to Iranian oil trader Hossein Shamkhani's network. According to Bloomberg LP, capital from Shamkhani's oil deals is being funneled to Ocean Leonid through shell companies, with Western lenders like JPMorgan reportedly providing financial support. This has raised concerns about the fundâÂÂs potential compliance with sanctions.