From: New Voice of Ukraine Author: Alex Stezhensky
Roughly 800 legal entities connected to Russian assets are in a “frozen state” in Liechtenstein — formally existing but effectively paralyzed due to a lack of leadership, the Financial Times reported.
Hundreds of trustees and directors resigned over the past six months, fearing U.S. sanctions. Liechtenstein’s authorities have formed a special task force to address the growing problem of these so-called zombie trusts.
The country now faces the threat of a major financial crisis due to the mass resignations of managers at trusts and foundations linked to Russian assets.
The crisis stems from mounting U.S. sanctions pressure.
These frozen trusts control assets worth billions of dollars, including yachts, private jets, real estate, and cash. Most are owned by Russian nationals not under sanctions, many of whom reside in France, Italy, Dubai, and other countries.
“We’re talking about multibillion-dollar zombie trusts with no one at the helm. And there’s no solution yet. I’ve never seen anything like it,” a Vaduz-based lawyer told the Financial Times.
Voice of Ukraine 