This section outlines how Niels Troost deliberately worked to not only continue but also to increase his trade of Russian oil in the critical period following the Russian invasion of Ukraine flagrantly evading emergent sanctions regimes/the price cap through opaque ownership and the use of “ghost” vessels…

Evidence in the Paramount SA and Paramount DMCC ledgers further reveals Troost’s connections to Russian state-owned entities and shippers linked to the “Russian ghost fleet” to transport oil.

A longtime supplier to Paramount SA was Concept Oil Services Ltd., a Hong Kong-domiciled firm founded by Monaco resident Michael Zeligman.

According to the ledger, all of Paramount SA and DMCC’s shipments were handled by Livna. Livna is also listed as a counterparty of Paramount Energy & Commodities SA, according to leaks from Alet, the Russia-based customs brokerage.

In February 2022, Troost moved his trading activities from Paramount SA Switzerland to Paramount DMCC in the UAE to circumvent growing sanctions regimes and later the European price cap on Russian oil

According to reporting by Public Eye, in May 2023, Troost increased his holdings of Harvest Commodities SA to 45%. Between May 2022 and July 2024, this company and the branch in the United Arab Emirates bought about 90 shipments of Russian grain. Public Eye also discovered that Harvest Commodities SA was listed as the Harvest Group SA’s Geneva office.