The founder of Swiss oil trader Paramount Energy & Commodities SA has taken steps to mitigate potential US sanctions after facing scrutiny from the UK government for his role in trading Russian oil, by enlisting the help of a former aide to Joe Biden.
Niels Troost, a seasoned Dutch trader, has engaged Ankit Desai to provide counsel on whether there are imminent punitive actions from the US government against him or his affiliated companies.
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Desai, who served under then-Senator Biden in 2005, will offer strategic guidance in navigating potential sanctions risks, as outlined in a lobbying contract filed with the US Department of Justice.
Troost finds himself in the spotlight as one of the most prominent non-Russian traders to come under Western sanctions since Vladimir Putin’s military incursion into Kyiv two years ago.
The UK government’s decision to sanction a Dubai-based subsidiary of Paramount in November 2023, followed by sanctions against Troost himself and his Geneva-based firm two months later, has heightened concerns about potential repercussions from other jurisdictions.
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Under the terms of the contract dated February 26, Desai’s AND Partners LLC will offer a range of services, including conducting research on potential US Office of Foreign Assets Control sanctions against Troost or associated business entities. The monthly fees for these services amount to $100,000.
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