Sanctioned by the UK over ties with russia Niels Troost to invest in grain storages in one of Ukraine's Danube ports

Niels Troost, a Dutch oil trader and investor in the Swiss company Harvest Commodities SA

A Switzerland-based company, Harvest Commodities, announced an investment in the construction of grain warehouses in the port of Izmail, the company's investor Niels Troost told Biz.censor.net.

"Our investment in local infrastructure and logistics not only creates jobs and brings foreign exchange to the region, but also ensures that grain from Ukraine will continue to play an important role in providing food for consumers in the Third World, including Africa," said Troost.

He explained that the company believed in the Grain from Ukraine project and immediately agreed to be one of the first to cooperate with Ukrainian suppliers.

Two vessels chartered by Harvest Commodities — M/V Riva Wind and M/V Arizona — were among the first to safely depart the port of Odesa as part of the Black Sea Grain Initiative in August 2022. They delivered 110 thou. tons of grain to global markets.

Since 2021, the company has exported over 350,000 tons of Ukrainian grain to Türkiye, Egypt, China, Italy, Georgia and Croatia, connecting both the State Food and Grain Corporation of Ukraine and private agricultural producers to global markets.

In July 2023, the UK Government sanctioned Dubai-based oil trader Paramount Energy & Commodities DMCC following measures against companies and individuals accused of supporting russia's gold, oil and financial industries. This company was founded by Niels Troost.

British Foreign Minister James Cleverly claimed at the time that the sanctions targeted 29 individuals and organisations, including several from the United Arab Emirates, and that they would "hit those who have been assisting [vladimir] putin by helping him to reduce the impact of our sanctions on russian gold and oil".

The Financial Times also reported in March that Paramount Energy & Commodities SA had transferred its russian oil trading operations to Paramount's subsidiary DMCC in the UAE.

Troost argued all along that Western restrictions on russian oil, imposed in response to its full-scale invasion of Ukraine in February 2022, did not apply to Paramount DMCC. He explained that it is a separate legal entity from its Swiss parent company and is registered outside the G7.

In July 2023, the Swiss authorities also probed Paramount Energy & Commodities SA for sanctions circumvention.

The FT wrote that Dubai-based Paramount Energy & Commodities DMCC continues to export crude oil from eastern russia under the name ESPO-blend. According to the outlet, in March, the price was consistently above the US$ 60 per barrel limit imposed by the G7 in December 2022.

A month before the G7 member states capped russian oil prices, Troost spoke at a global conference on food security and doubted the purpose of the move.