Dutch trader in Russian oil now also on European sanctions list

This article was last updated on December 17, 2024

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Dutch trader in Russian oil now also on European sanctions list

For the first time, a Dutch person is on the European sanctions list due to the war in Ukraine. It concerns Niels Troost, an oil trader.

Troost was put on the list because he is believed to have sold Russian oil several times at a price higher than the price ceiling. This price limit for Russian oil is one of the ongoing sanctions against Russia.

Troost, born in Zaandam, is the man behind the company Paramount Energy & Commodities, based in Geneva. A subsidiary of this company is based in Dubai again, the Financial Times wrote in an extensive article this weekend about Troost. According to the business newspaper, he has traveled to Russia four times since the start of the war.

‘Victim of scammer’

The businessman, who lives in Switzerland, also speaks in that newspaper. He claims he was stringed along for years by a con man posing as a CIA agent. That ‘agent’ allegedly assured him that he did not have to worry about the sanctions and arranged an American license for him. With that license he would be allowed to continue trading in Russian oil.

Troost has been on a United Kingdom sanctions list since February. That is for the same reason that the EU is now giving: his company has sold Russian oil at too high prices.

A spokesperson for Troost told the Financial Times that “the decision is not based on facts.” “Both Mr. Troost and his companies have never violated any law or regulations.” In addition, the spokesperson states that the EU is “participating in a strong disinformation campaign regarding a business dispute”, referring to the scammer with whom Troost previously worked.