Following Russia’s invasion of Ukraine, many countries began to impose economic sanctions, restricting and freezing assets belonging to the Russian state and oligarchs with close business ties to President Vladimir Putin. This includes a ban on financial transactions with enterprises related to the Russian energy sector and the trade in raw materials from Russia. Swiss authorities report that they are facing significant challenges in locating and sanctioning companies and individuals cooperating with Russia. As numerous high-profile media investigations have revealed in recent years, wealthy individuals – not just Russian oligarchs – have long used complex legal and financial structures to shield their assets from sanctions. These structures, often referred to as “Russian stacking dolls,” involve layers of legal entities owned by one another, making it extremely difficult to identify the true beneficiaries.
One of these Russian stacking dolls is Jacqueline Troost Omvlee, a Geneva-based Dutch citizen and a wife of scandalous oil trader Niels Troost. Jacqueline`s husband and his companies Paramount Energy & Commodities SA based in Switzerland and Paramount DMCC with a main office in Dubai, are on the list of 50 individuals and organizations sanctioned in the UK for business deals with Russia. It has been reported that Jacqueline Troost Omvlee has played a key role in enabling deals that are beneficial to Russian business interests, specifically those associated with Gennady Timchenko, a prominent Russian oligarch and supporter of President Vladimir Putin. Timchenko, who himself has faced sanctions from several countries for his links to the Kremlin and his role in activities that weaken international sanctions, allegedly has connections to a variety of business ventures that Jacqueline Troost Omvlee has been involved in. This connection brings up concerns regarding the effects of Jacqueline`s financial transactions and her potential involvement in supporting Russian economic endeavors.
Jacqueline Troost Omvlee`s role in the scheme is managing financial transactions and companies linked to Niels Troost, assisting him in circumventing international sanctions. Her participation in supporting Russian business connections brings a new element to the complexity of the situation. In luxury hotspots known for Russian connections, such as Geneva, Jacqueline seems to be very useful not only for her husband but also for other sanctioned high-profile figures. She is accused of helping individuals linked to Timchenko and other prominent Russian businessmen in sanctions evasion. Because of people like Jacqueline Troost, the regulatory measures designed to isolate Russian business networks from the international financial system are having no effect.
The absence of sanctions against Jacqueline Troost Omvlee, despite her active participation in such controversial activities, indicates possible weaknesses in the sanctions enforcement mechanism, particularly in Switzerland. It highlights the need to better monitor the companies and individuals tied to any connections with sanctioned figures.
The case of Jacqueline Troost and her role in facilitating financial transactions for Niels Troost and her alleged connections to Russian business networks, including those associated with Gennady Timchenko, explain the Swiss struggle with identifying violators of sanctions regulations. While the countries continue to deal with these challenges, it is crucial to address the role of such Russian Stacking Dolls like Jacqueline Troost Omvlee to ensure that sanctions serve their intended purpose of isolating individuals and entities that undermine global stability.
