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.
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.
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.
