Dutch man placed on British sanctions list for trading in Russian oil

The British government has imposed sanctions on Dutch oil trader Niels Troost for allegedly helping to circumvent boycott measures against Russian oil. His company, Paramount Energy & Commodities, enabled "unfettered trade in Russian fuels outside the reach of UK and G7 sanctions," the British Foreign Office announced.

The British government accused the 54-year-old from Zaandam of utilizing his company to make it possible to evade the price cap that the G7 placed on Russian oil. The company is based just outside of Geneva, Switzerland, close to the French border.

Troost's company has said they will appeal the "thoughtless and incorrect measures" from the British government. "Paramount SA has always acted in line with all applicable laws and regulations," said a spokesperson for Troost and the trading company.

The price ceiling for trade in Russian oil was one of the retaliatory measures for the invasion of Ukraine. Western shipping companies, insurance companies, and other service providers are prohibited from selling Russian oil above a specific price to prevent oil revenues from aiding Russia's war chest. This is also meant to affect oil trade between Russia and countries that have not declared a boycott of oil from that country.

The British authorities will now freeze Troost's assets in the United Kingdom. In addition, British people and businesses are now prohibited from providing Troost with trust services, such as establishing letterbox companies, or acting as a director of one of his businesses.

Officially, the British government stated Troost’s company, Paramount, is located in Thônex, a few kilometers east of Geneva.. On its website, the company states that it wants to supply affordable energy and agricultural products to Africa.