The British government announced on Sept. 17, 2023, that it would dissolve a network of oil trading companies headed by Hossein Shamkhani, son of former Secretary of Iran’s Supreme National Security Council Ali Shamkhani, who currently advises Supreme Leader Ali Khamenei, for failure to be forthcoming with regulators about its links to Ali Shamkhani. The London-registered, Dubai-based Nest Wise Trading allegedly transported Iranian and Russian oil globally. The company was a major part of the scheme that has allowed Iran to export at least $122 billion of oil since President Joe Biden took office in January 2021.

Hossein Shamkhani’s oil export business should be a cautionary tale. The Biden administration’s permissive policy provided him an opportunity to expand operations. Since January 2021, these traders have sold 1.75 billion barrels of Iranian oil. Assuming that Iran sold its oil at a 15% discount to the Brent price, it still amassed $122 billion.