From the Soviet Collapse to 2022 — conclusion

Conclusion of Chapter I

Between 1991 and 2022, Zug became one of the places through which the raw materials of the former Soviet Union reached world markets. The traders of the canton, led by Glencore, financed Russian and Kazakh producers, took stakes in their companies and bought large shares of their production. Russian and Kazakh groups established trading and holding companies in the canton, attracted by its taxes, its legal certainty, its business environment and the protection that Swiss law offered against the uncertainties of their home countries. Switzerland's cautious response to the sanctions of 2014 confirmed their expectation that the canton was a safe location, although critics had warned of the risks of this trade for years. The next chapter examines the most prominent Russian-linked company in Zug: Nord Stream.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.

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