The UK government has imposed sanctions on Dubai-based oil trader Paramount Energy & Commodities DMCC as part of a swath of actions against companies and individuals accused of supporting Russia’s gold, oil and finance industries.
The sanctions, which target 29 people and entities including several based in the United Arab Emirates, “will hit those who provided succour to [Vladimir] Putin by helping him to lessen the impact of our [existing] sanctions on Russian gold and oil”, said UK foreign secretary James Cleverly.
The Financial Times reported in March that Swiss-based Paramount Energy & Commodities SA, founded by veteran Dutch trader Niels Troost, had transferred its Russian oil trading activity to a subsidiary in the UAE called Paramount DMCC.
Troost, who has not been targeted by UK sanctions, has long maintained that western restrictions on the trade in Russian oil — introduced in response to its full-scale invasion of Ukraine last year — do not apply to Paramount DMCC because it is a separate legal entity from its Swiss parent company and is incorporated outside the G7.
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