Service providers for the Eastern business

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The Eastern business supported a group of specialised service providers in Zug. Law firms advised on trade contracts, prepayment structures, arbitration and sanctions. Fiduciaries provided directors and administrative services for Russian-owned companies, whose accounts were audited by local auditors. Banks in Zug and Zurich financed their trade and managed their owners' assets. Because Russian-speaking professionals were in demand, several firms built desks dedicated to clients from Russia and the former Soviet Union.

The sanctions changed the position of these service providers abruptly. Some clients were listed and their assets frozen, while others lost access to banks and could no longer pay their advisers. The European Union's prohibition on providing trust, legal advisory and other business services to Russian companies, which Switzerland adopted with some modifications, restricted the services that Swiss firms could offer.¹ Many firms ended their Russian mandates, closing their Russia desks or redirecting them to clients from Kazakhstan, Central Asia and the Caucasus.

Notes

White & Case, "Switzerland implements the remaining measures set out in the EU's 8th sanction package", whitecase.com: on 23 November 2022 Switzerland extended its existing prohibition on accounting, auditing, bookkeeping, tax consulting, business and management consulting and PR services to Russian entities and the Russian government to architectural and engineering services, non-contentious legal advisory services and IT consultancy, with exceptions (e.g. for access to justice and for Russian subsidiaries of Swiss, EEA or UK companies). The Swiss adoption of the ban on trust services was not separately verified. ↩

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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Service providers for the Eastern business

Notes

Setting up or expanding in Switzerland?