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Niels Troost (born November 27, 1969, in Switzerland) is a Dutch businessman and the most prominent trader of Russian oil to have been slapped by Western sanctions since the Russian invasion of Ukraine.[1] He is the founder of two oil traders: Swiss-based Paramount Energy & Commodities SA; and Dubai-based Paramount Energy & Commodities DMCC. In November 2023, the UK government issued sanctions against a Dubai-based subsidiary of Paramount and then two months later, the UK also sanctioned Troost himself and his Geneva-based company.[2] The reason for the sanctions against Niels Troost and his business assets is the unfettered Russian oil trade that routinely priced above the G7 cap while using Western-based insurance services which violates restrictions imposed by Western powers in an attempt to limit Moscow’s oil revenues.[3]
Niels Troost | |
|---|---|
| Born | November 27, 1969 Switzerland |
| Nationality | Switzerland |
| Occupation(s) | Dutch businessman, oil trader |
According to Swiss investigative journalism outlet Public Eye, Paramount is reported to have ties to a prominent Russian oligarch, Gunvor founder Gennady Timchenko, who is now subject to Swiss, European and American sanctions.[4]
Education
editNiels Troost has an education in economics, international business and marketing from Hogere Economische School in Amsterdam. He also attended the College of Petroleum and Energy Studies in Oxford. In the UK, Niels Troost underwent a course in Creative International Trading in Crude Oil and Petroleum Products.[5]
Business
editIn 2017, Troost established the Switzerland-based company Paramount Energy & Commodities SA.[6] With headquarters in Geneva, the company trades, supplies, and distributes raw materials, including crude oil and petroleum derivatives, storage, and transport. The company used to have access to terminals in Russia, Turkey, Iraq, the United Arab Emirates, China and finances small producers in Russia.
In 2020, Neils Troost founded a near-identical company in Dubai, Paramount Energy and Commodities DMCC.[7] In 2022, after Western nations announced sanctions on Russian oil due to the Russian invasion of Ukraine, Troost moved his commercial dealings to Paramount DMCC in the United Arab Emirates.[8]
References
edit- ^ Almeida, Bernardo (2024-06-17). "The Age of Sanctions Busting Impunity Must Come to An End". International Policy Digest. Retrieved 2024-06-24.
- ^ "UK-sanctioned oil trader enlists ex-Biden aide to thwart potential US sanctions". www.ft.com. Retrieved 2024-06-24.
- ^ "UK cracks down on gold and oil networks propping up Russia's war economy". GOV.UK. Retrieved 2024-06-24.
- ^ Almeida, Bernardo (2024-06-17). "The Age of Sanctions Busting Impunity Must Come to An End". International Policy Digest. Retrieved 2024-06-24.
- ^ Ugo, Oscar (31 May 2022). "NEILS TROOST: One of Africa's finest and most reliable Investor!". Modern Ghana. p. 1.
{{cite news}}: CS1 maint: url-status (link) - ^ "Niels Troost Seeks Assistance From Desai To Avoid US Penalties". AML Watcher. Retrieved 2024-06-19.
- ^ "The price ain't right". Global Witness. Retrieved 2024-06-19.
{{cite web}}: Check|url=value (help) - ^ "Niels Troost Seeks Assistance From Desai To Avoid US Penalties". AML Watcher. Retrieved 2024-06-19.