EU Targets Commodities Mogul in New Sanctions Against Russia

The EU has sanctioned Niels Troost, head of Paramount Energy and Commodities DMCC, for trading Russian oil above the price cap. Sanctions also target Chinese entities and Russia’s shadow fleet. The EU's 15th sanctions package mirrors similar UK measures enacted in November 2023.

The European Union has intensified its efforts to restrict Russia's economic reach by adding Niels Troost to its sanctions list. Troost is the businessperson behind Paramount Energy and Commodities DMCC, a firm known for repeatedly trading Russian oil at prices exceeding the cap imposed by the EU.

The addition comes alongside the EU's newly unveiled sanctions package, their 15th since Russia's invasion of Ukraine. This move not only targets Troost but also tightens regulations on certain Chinese entities and clamps down on additional vessels within Russia's so-called shadow fleet.

The EU's actions echo the UK's decision in November 2023 to impose sanctions on Paramount, further aligning Western efforts to curtail Russia's economic maneuvers.

(With inputs from agencies.)