The UK Government has sanctioned a Swiss trading house and its Dutch owner for alleged ties to the Russian oil trade. Paramount Energy & Commodities SA owner Niels Troost is one of 50 individuals and companies sanctioned in the UK Government’s latest attempt to limit the flow of funds into Russia as its war on Ukraine approaches its second anniversary. 

“Troost facilitates the unfettered trade of Russian oil outside the reach of UK and G7 sanctions,” stated the UK Government. It also alleged that he is involved with United Arab Emirates (UAE)-based Paramount Energy & Commodities DMCC, which the UK sanctioned in November 2023.  

Several other companies and individuals in the offshore sector have been hit by this latest wave of sanctions. Arctic LNG 2 and its director, Oleg Vyacheslavovich Karpushin, were sanctioned, with the UK Government stating that the company is “one of the key links in Putin’s plan to make Russia a major LNG [liquefied natural gas] player”. Shipping companies Fractal Marine DMCC, Beks Ship Management and Active Shipping were also penalised as they “carry on business in the Russian energy sector as part of Putin’s shadow fleet”. 

Troost has had his UK assets frozen, is now banned from entering the UK and has had restrictions placed on his access to financial services within the UK. Troost and Paramount SA deny any wrongdoing, with a spokesperson saying: “Paramount SA has acted at all times in line with all applicable laws and regulations. We intend to challenge this ill-conceived and incorrect measure.” 

Of the sanctions, Foreign Secretary David Cameron said: “Our international economic pressure means Russia cannot afford this illegal invasion. Our sanctions are starving Putin of the resources he desperately needs to fund his struggling war.  

“Together, we will not let up in the face of tyranny. We will continue to support Ukraine as it fights for democracy – for as long as it takes.”