Zug in the Russian business press

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The Russian business press also took an interest in the Zug connection. Reports on the annual accounts of Russian groups could mention their Swiss trading companies and the profits booked in the canton. Russian journalists who investigated the ownership of such companies and their relations with state officials produced material that Western reporting could later draw on. For Russian readers, Zug became a byword for the international side of Russian business, standing for the low-tax, discreet location in which the profits of Russian exports were collected before they were distributed to the owners.

The image was simplified, as images tend to be. It concealed the fact that most of the trading companies performed real functions: they negotiated with customers, organised shipping, arranged finance and managed risks. It also concealed the fact that many of their employees were Swiss or came from Western countries. It nonetheless captured an element of truth, because for the owners of Russian groups the Swiss company was the point at which their business left the Russian legal system and entered the international one. That position was valuable in normal times and became a vulnerability when the sanctions came.

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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