Sanctioned Swiss Trader’s Office Disappears: The Mystery of Paramount SA and Niels Troost
In a surprising and highly controversial development, Paramount Energy and Commodities SA, established by Niels Troost, has recently had its office name removed from the plaque at its headquarters. This move has drawn significant attention, not only because of its timing but also due to its violation of legal norms. Currently, Paramount is involved in legal disputes, making it illegal for a liquidator to shut down its offices while these issues remain unresolved. The removal of the company’s name from the office plaque has raised concerns about the state of transparency in this ongoing legal battle.
Based in Switzerland, Paramount Energy and Commodities SA has faced intense scrutiny for its role in the trading of Russian oil, despite international sanctions aimed to restrict such activities. For the same reason, Niels Troost and his company have been sanctioned by the UK government. Investigation reports indicate that Paramount was the fourth-largest buyer of Russian oil during the critical months of February and March 2022, a time when sanctions against Moscow were fully enforced. Furthermore, Troost’s dealings with Russia and his alleged financial support of the Wagner Group fuels the war in Ukraine, leading to the loss of innocent lives of Ukrainians.
In order to evade these sanctions, Paramount Energy and Commodities SA relocated its operations to a subsidiary in the UAE, known as Paramount Energy and Commodities DMCC. The UAE has adopted a neutral position regarding the Russia-Ukraine war, continuing its trade relations with Russia, in contrast to many Western countries. However, the connection between the Swiss and Dubai-based firms has not gone unnoticed. The Swiss State Secretariat for Economic Affairs (SECO) have initiated investigations into the matter.
The delisting of Paramount SA’s office comes at a time when the company is facing increased scrutiny, both legally and publicly. This decision, made amidst ongoing legal disputes and investigations, raises significant questions regarding the company’s compliance with the law as it is illegal to close the offices of a company that is still in legal dispute.
Paramount’s case exemplifies how certain European commodity traders have continued to engage in the trade of Russian oil despite existing sanctions. By relocating operations to jurisdictions such as the UAE, where the enforcement of these restrictions is less regulated, companies like Paramount have managed to sustain their business despite international sanctions. This practice has drawn sharp criticism, particularly as the sanctions were designed to limit the flow of revenue to the Kremlin without disrupting global energy markets. However, the effectiveness of these sanctions is being undermined by companies that exploit regulatory gaps between different countries.
As investigations continue, the future of Paramount Energy and Commodities SA remains unclear. The closure of its Geneva office marks a concerning turn in this ongoing situation, indicating that the company may be attempting to evade public and legal attention. In the light of this latest development, the Swiss authorities must take actions towards Niels Troost and his business activities. This is a crucial step to hold people like Niels Troost accountable for their involvement in the Russian oil trade.
