The European Union imposed sanctions on Hossein Shamkhani, a major Iranian oil trader, and several of his companies as part of the latest restrictive measures against Russia. Shamkhani was sanctioned for his role in trading Russia oil and acting as a “central player” in the “shadow fleet” of vessels Russia uses to circumvent restrictions on oil sales. Admiral Group and Milavous Group Ltd, two of Shamkhani’s Dubai-based firms, were also sanctioned by the EU. According to an investigation by Bloomberg News, Shamkhani’s network is heavily involved in exports of Russian and Iranian oil and has set up a hedge fund with offices in London, Dubai, and Geneva to manage the revenues from these exports.