Source: Financial Times [UK]
“Liechtenstein has launched an emergency task force to tackle a crisis of ‘zombie’ trusts, which has left hundreds of entities linked to wealthy Russians in legal paralysis. The tiny Alpine principality, a hub for thousands of trusts and foundations, has been hit by a wave of resignations by fiduciary and board directors in the past six months as its regulatory system adjusted to US sanctions packages against Russia. The result could leave as many as 800 orphaned entities — legally recognised but functionally frozen — with nobody in charge to manage assets or oversee liquidation. Bankers and lawyers have warned the crisis risks contagion into the country’s broader financial sector, including major banks, if the government does not address the problem.” (07/07/25)