Nord Stream and the image of Zug abroad

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Before 2022, the international press mentioned the seat of the Nord Stream companies in Zug mainly as a detail. After the invasion and the sabotage, the detail attracted more attention. Reports on the insolvency of Nord Stream 2 AG, the dismissal of its staff and the court proceedings brought into view a small Swiss town that had hosted one of the most controversial projects of European energy policy. It was an obvious step for commentators to draw a line from Nord Stream to the commodity traders and the crypto industry, presenting Zug as a place where controversial business found a welcome.

The canton's representatives pointed out that the companies had been welcomed in 2005 and 2015 with the support of the governments of the European shareholder states, at a time when the project was regarded as a legitimate commercial and energy policy undertaking. The canton could hardly have refused the registration of a company whose shareholders included some of the largest energy companies of Western Europe. The argument is correct as far as it goes, but it does not answer the broader question that the episode raises for Zug: how a canton that lives from international business can assess and limit the political risks that such business brings. Part K returns to this question in its discussion of the future of the canton.

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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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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