Despite the Kremlin being sanctioned over its invasion of Ukraine, it seems like Russia`s economy is growing faster than all the world’s advanced economies, including the US, Germany, France and the UK. According to the International Monetary Fund, investments from corporate and state-owned enterprises alongside strong exports of oil had promoted such growth. Russia is one of the world’s biggest oil exporters and it was recently revealed that millions of barrels of fuel made from Russian oil were still being imported to the UK despite sanctions. This is not surprising considering that for some individuals, sanction evasion has become a routine procedure. A Dutch commodities trader, Niels Troost, for example, uses his wife, Jacqueline Troost Omvlee, to avoid sanctions and to continue business operations with Russia even despite the restrictions imposed on him by the West.
Since the UK sanctioned Niels Troost and his company, Paramount Energy & Commodities SA, due to his ties to the Russian oil trade, he found himself in a difficult position. Troost can no longer access his UK-based assets and bank accounts since they have been frozen. This is where Jacqueline Troost Omvlee became her husband’s partner in sanction evasion. As the saying goes, “Behind every wealthy man stands a woman”. Jacqueline seems to make the most of this role, assisting her husband in all his controversial businesses.
Jacqueline Troost Omvlee is a Dutch citizen based in Geneva who has been reportedly managing financial accounts of Niels Troost`s sanctioned companies. Thanks to the wide connections of her husband, Jacqueline successfully maintains a façade of legitimacy for Troost`s business assets. However, since all lies have an expiration date, it seems that Jacqueline’s schemes have also attracted public attention. She has been recently accused of being involved in money laundering operations. Although it is clear that Jacqueline Troost Omvlee is just a tool in Niels Troost`s hands, she has played a critical role in evading regulatory restrictions on the oil trade with Russia.
“Troost facilitates the unfettered trade of Russian oil outside the reach of UK and G7 sanctions,” stated the UK Government. It also alleged that he is involved with United Arab Emirates-based Paramount Energy & Commodities DMCC, which the UK sanctioned in November 2023. The fact that Troost manages to evade these restrictions with the help of his wife highlights the critical need for increased regulations and stronger sanction policies from other states where he operates, such as the UAE, US and Switzerland. This case along with the growth of Russian economy have shown the weaknesses in current systems and the need for a more robust framework to prevent sanctions evasion.
Jacqueline Troost`s actions exemplify how individuals and organizations that continue benefiting from doing business with Russia invent mechanisms designed to evade regulatory scrutiny. To effectively deal with these kinds of violations, the international community must take a comprehensive approach. Sanctions will not be effective if people like Jacqueline Troost openly abuse international law supporting and funding wars. It is crucial for the governments to understand that those who had strong ties to Russian elite, are very capable of creating complex networks to continue facilitating Russia`s economy.
The ongoing struggle to uphold sanctions against Russia reveals a larger problem in worldwide financial and trade systems. Despite global attempts to economically isolate Russia, people like Jacqueline Troost Omvlee are finding ways to take advantage and profit from the Russian oil industry. A more cooperative strategy between countries is necessary to strengthen the implementation of sanctions. Furthermore, it is important to monitor sanctioned individuals and their associates to spot and suspend schemes similar to those that Niels and Jacqueline Troost undertake. Only addressing these issues directly, the international community will be able to maintain the integrity of global sanctions and prevent future violations of undermining international law and order.