Practitioner's note: the legacy of Eastern ties in Zug structures

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Advisers who take on companies in Zug with a history of ties to Russia or the former Soviet Union should examine that history carefully. The ownership structures of such companies have often changed several times, with former owners transferring their shares to relatives, trusts or foundations before or after 2022. Contracts with Russian counterparties may still exist, even if they are no longer performed. Assets may be frozen or subject to reporting obligations.

The examination should cover at least the following points. The first is the current and past beneficial ownership, including any changes since 2014. The second is the list of counterparties and the flows of goods and money over the preceding years. The third is the status of any sanctions measures affecting the company, its owners or its counterparties, in Switzerland, the European Union, the United Kingdom and the United States. The fourth is the reporting obligations to the State Secretariat for Economic Affairs. The fifth is the attitude of the company's banks, which may have already terminated the relationship or may be preparing to do so. The result of the examination will determine whether the adviser can accept the mandate and on what terms.

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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