FT reported on the crisis of trust funds in Liechtenstein due to anti-Russian sanctions

A crisis of trust funds broke out in Liechtenstein amid sanctions against Russia. This was reported on July 7 by the Financial Times newspaper.

The newspaper writes that the Liechtenstein government has created an emergency task force to solve the problem of managing funds that have been paralyzed. Several trusts have been subject to restrictions due to alleged ties with Russian citizens.

In addition, the Liechtenstein Financial Markets Authority recommended that fiduciaries cease cooperation with Russian clients, considering this the only way to minimize the risks of secondary sanctions from the United States.

As a result, the directors of the funds began to resign en masse, leaving the structures without management. According to the FT, one of the lawyers working with the trusts stated that we are talking about "multibillion-dollar floating zombie trusts," for which no solution has yet been found.

"As a result, up to 800 orphan organizations may remain — legally recognized, but functionally frozen — without responsibility for asset management or supervision of liquidation," the material specified.

On a roll: Russian business has stopped noticing the pressure from outside

Sanctions are no longer relevant

On July 5, Slovak Prime Minister Robert Fico said that the republic does not support the new European Union (EU) sanctions against Russia, which jeopardize gas supplies from the Russian Federation, based on its own national interests. In addition, Fico called the proposal of the European Commission (EC) to completely abandon Russian gas from January 1, 2028 "ideological" and noted that it affects the "national pride" of Slovakia.