Priya Patel
TLDR:
- The UK Government has sanctioned a Swiss trading house and its Dutch owner for alleged ties to the Russian oil trade.
- The sanctions are part of the UK Government’s efforts to limit the flow of funds into Russia.
A Swiss trading house, Paramount Energy & Commodities SA, and its owner Niels Troost, have been sanctioned by the UK Government for their alleged involvement in the Russian oil trade. This move is part of the UK’s efforts to restrict the flow of funds into Russia as the conflict with Ukraine continues.
The UK Government stated that Troost facilitates the trade of Russian oil outside the reach of UK and G7 sanctions. Other companies and individuals in the offshore sector have also been hit by these sanctions.
Arctic LNG 2 and its director were sanctioned, with the UK Government claiming that the company is a key part of Russia’s LNG plans. Shipping companies like Fractal Marine DMCC and Beks Ship Management were penalized for engaging in business in the Russian energy sector.
Niels Troost and Paramount SA deny any wrongdoing and have vowed to challenge the sanctions. However, their UK assets have been frozen, and Troost is banned from entering the UK.
Foreign Secretary David Cameron stated that the sanctions are part of the international economic pressure to weaken Russia’s power. The UK will continue to support Ukraine in its fight for democracy.
In conclusion, the UK Government’s sanctions on Paramount Energy & Commodities SA and its owner Niels Troost are part of broader efforts to limit the flow of funds into Russia amid the ongoing conflict with Ukraine.
