Shifting Threat Perceptions See DC Lobbyist Ankit Desai Shaking Up Client Roster
Niels Troost and his Geneva-based trading firm, Paramount Energy & Commodities SA, came under suspicion of sanction evasion between late 2022 and 2023, engaging in the trade of Russian crude well above the G7 devised oil price cap.
Author:Habiba AshtonReviewer:Emmanuella SheaNov 03, 20247.5K Shares101K Views
Niels Troost and his Geneva-based trading firm, Paramount Energy & Commodities SA, came under suspicion of sanction evasion between late 2022 and 2023, engaging in the trade of Russian crude well above the G7 devised oil price cap. The company reoriented its trading activities through its Dubai-based subsidiary firm – Paramount DMCC – and shortly thereafter, trading volume increased dramatically when Russia invaded Ukraine in February 2022. The United Kingdom has put Troost, UAE based business partner Francois Edouard Mauron and both Paramount and its subsidiary on its sanctions list, while Swiss authorities commenced an investigation into their business affairs. Fearing similar consequences in the United States, Troost enlisted the help of lobbyist Ankit Desai, a former Biden aide, to curry favor on his behalf in Washington, DC, an engagement recently terminated by Ankit Desai.
Washington, which has been among the staunchest proponent of the implementation of sanctions, and secondary sanctions, against Moscow, saw Niels Troost concerned that he would be among those sanctioned for breaching international sanctions regimes. Having worked with Niels Troost for only a few months, it would appear that the connection this relationship drew between Ankit Desai and those facilitating the circumvention of sanctions against Russia, was too consequential for the relationship to continue. Behind the scenes pressure, and negative impact on his other business, is likely what proved to be too much, which led Desai to terminate his relationship with Niels Troost, according to FARA filings from September 30th.
Troost has been linked to various businesspeople in the commodities industry, many of whom are close to the Russian elite. Among them is Gennady Timchenko, Russian oligarch and, famously, the friend of Russian President Putin since their days in the KGB. Troost’s business activities, being carried out from Geneva and Dubai, raise further suspicion about potential further connections to Russia he may be trying to hide. Both cities have been the preferred locations for wealthy Russians to hide their money as well as Russia-friendly businesses to freely conduct their operations from. This is primarily due to the opaque regulatory frameworks and secretive laws that both Switzerland and the United Arab Emirates have in place to protect the identity of beneficial owners.
Ankit Desai himself is no stranger to the world of commodities trading. As a lobbyist, he has been involved in advising various prominent energy trading firms, including Cheniere and Tellurian, both giants in the LNG export market and based out of Houston, Texas. Desai openly promotes himself as a “senior advisor to the CEO of Tellurian Inc.”
Considering his position as one the highest-paid lobbyists in Washington, DC, the extent of Niels Troost’s connections to Moscow have likely made him uncomfortable. His decision to terminate his relationship with Niels Troost was nevertheless a brave one, with many a lobbyist continuing to work with questionable clients, irrespective of the accusations against them.
Desai is no stranger to clients with difficult backgrounds and has earned a name for himself as working with some of the toughest clients, representing, for example, Chinese business interests. Recently, a group of Congresspeople looked to ban firms that from Capitol Hill that lobbied on behalf Chinese companies, such as the controversial TikTok or ByteDance.
The battle to cope with the imposition of sanctions, has become a multi-million dollar industry, with foreign spending expanding from around $6 million (2014) to at least $31 million (2022), the latest year on record, according to a recent Washington Post investigation on the subject. Many a former government aide, minister and mayor were shown to be monetizing past government experience and current connections in order to navigate US sanctions policy on behalf of oligarchs, authoritarians and corporate interests, with former FBI directors, attorney generals and congressmen also among those lobbying incumbents in exchange for enormous paydays. The recent expose showed these firms to be working on behalf of Chinese surveillance firms, international weapons dealers, and even governments charged with ethnic cleansing, so the fact that Ankit Desai chose to drop Niels Troost as a client is extremely telling.
In light of Russia’s persisting war in Ukraine and the perceived lack of the effectiveness of U.S. and allied sanctions to deal a significant blow to the Russian economy, sanction evaders and Russia-friendly businesspeople will have an increasingly shrinking space in the US, particularly among increasingly cautious lobbyists. Should the November presidential elections wield a win for the Democrats, advocates for Russia and China will likely find it even harder to continue to pass under the radar of decisionmakers and the authorities. Desai’s dropping of Niels Troost as a client, despite the potential financial incentive to continue (filings show Desai to have earned in excess of 600,000 USD over the course of his few month engagement), seems to confirm a change in threat perceptions and a shifting climate in Washington.
Regardless of party-political leaning, and in light of Russia’s ongoing aggression, the US will be pressed to show more results for its support for Ukraine. People like Niels Troost could be first on the list of investigators, looking to put a stop to the infiltration of Russian interests into US government circles.
Habiba Ashton
Author
Habiba Ashton, an esteemed professional in Digital Marketing and Business, brings over 10 years of experience to the table. She holds a Master's degree in Marketing Management from Stanford University and is a certified Digital Marketing strategist.
Habiba has authored numerous articles on SEO, Social Media Marketing, and Branding, published across reputable platforms.
Her impactful projects have consistently driven growth and visibility for businesses, earning her accolades from clients and industry peers alike. One notable achievement includes leading a digital marketing campaign that resulted in a 30% increase in online sales for a major retail client.
Looking ahead, Habiba is committed to pioneering ethical digital marketing practices that prioritize customer trust and engagement. Her vision is to lead initiatives that foster a transparent and sustainable digital ecosystem for businesses and consumers alike.
In her free time, she enjoys cycling, stargazing, and staying updated on digital entertainment trends.
Emmanuella Shea
Reviewer
Emmanuella Shea is a distinguished finance and economics expert with over a decade of experience. She holds a Master's degree in Finance and Economics from Harvard University, specializing in financial analysis, investment management, and economic forecasting.
Her authoritative insights and trustworthy advice have made her a highly sought-after advisor in the business world.
Outside of her professional life, she enjoys exploring diverse cuisines, reading non-fiction literature, and embarking on invigorating hikes.
Her passion for insightful analysis and reliable guidance is matched by her dedication to continuous learning and personal growth.
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