Switzerland has launched an investigation against Geneva-based Paramount Energy & Commodities SA. He is suspected of trading oil from Russia to circumvent sanctions restrictions. In this respect writer The Financial Times (FT) newspaper.
According to the newspaper’s report, the State Secretariat for Economic Relations (SECO) became interested in the company’s activities in April. The organization itself is registered in Dubai and is officially independent of the Swiss company.
The subsidiary is known to trade Russian ESPO oil above the ceiling price of $60 per barrel. Therefore, SECO is seeking information on whether Paramount has been trading Russian fuel since December last year and at what price the transactions were made.
At the same time, the Geneva company said that it does not work with oil from Russia, and the Dubai division is a separate company. However, the Swiss regulator was not satisfied with such a response and decided to continue the investigation. Therefore, if the activities of Paramount Energy & Commodities DMCC are blocked, it will be a serious signal for all companies trying to circumvent sanctions when trading oil from Russia.
In early June, Bloomberg reportedHe said the EU plans to soften a series of initial proposals for the 11th package of sanctions against the Russian Federation.
Previously reportedThe European Union will not allow the entry of tankers suspected of carrying Russian oil.