US EditionLiechtenstein hit by Russia-linked ‘zombie trust’ crisis
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US sanctions against entities linked to Russia have triggered a wave of mass departures of administrators in Liechtenstein. Up to 800 entities that formally exist in the country but have no one to manage or liquidate them are currently at risk.
America and Russia are mad at the principality: in up to 800 structures, multi-billion people are blocked – mostly Russian money. "We're talking about billion-dollar zombie trusts driving around," the Financial Times (FT) quotes a Vaduzer trustee. "And there's no solution yet. I've never seen anything like this before. [...]
The sanctions imposed by the United States against Russian oligarchs have created legal and financial chaos in Liechtenstein, where up to 800 offshore trusts – vehicles used to manage the assets of the world’s wealthy – have been left without directors and are unable to operate, writes the Financial Times. It all started after Washington sanctioned several individuals and entities in Liechtenstein for collaborating with Russians targeted by sanc…
About 800 entities may remain “orphans” - i.e. legally recognized but functionally frozen - without any responsibility for the management of assets or supervision of liquidation. This is due to sanctions imposed against Russia.
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