As the war in Ukraine enters its third year, attention has largely been directed towards efforts to mitigate Russia’s aggressive actions. However, a few individuals, including Niels Troost, have sought to exploit the turmoil for their own benefit. Troost, a Dutch oil trader, may not be as famous as some of Russian oligarchs, yet his activities are equally controversial. His companies, including Paramount Energy & Commodities SA, Paramount DMCC, and Harvest SA, operate to evade international sanctions imposed on Russia. Furthermore, he is not planning to stop just there. Recently leaked documents showed that Niels Troost intends to expend his shady businesses by establishing additional assets to facilitate the trade of Russian oil to various countries.
Niels Troost`s strategic maneuvers involve the formation of similarly named companies to create an illusion of legality while persisting in the trade of Russian oil. For example, Paramount Energy & Commodities DMCC operates in Dubai under the management of Troost’s close associate, Francois Edouard Mauron. Paramount DMCC has enabled the trade of Russian oil by utilizing vessels registered under Chinese or Indian flags, thus circumventing sanctions and restrictions. According to a Financial Times investigation, this “switch” allowed Troost’s company to keep Russia’s oil flowing while keeping his personal involvement at arm’s length.
While some suffer from war, others profit from it. Troost’s plans are clear: he seeks to strengthen his influence in unstable regions such as Iraq. Documents indicate that Paramount has provided loans, potentially convertible into equity, to Kaz and Basra Sky Oil & Gas Service Company, indicating Troost’s intention to increase his stake in Iraq’s oil industry. As he continues to take advantage of areas plagued by instability, Troost is well-positioned to expand his enterprise while evading sanctions.
The troubling aspect of Troost’s situation is the apparent lack of action from the US, the EU and the UAE despite clear evidence of his role in supporting Putin’s war economy. Niels Troost exemplifies a new category of sanctions evaders, operating covertly to extend the war while at the same time profiting from it.
If the international community is genuinely committed to stopping Russia’s aggression, individuals like Niels Troost must face justice. As he continues to expand his shady business activities, it is essential for the global community to recognize the urgency of the situation and respond appropriately before it becomes too late.