New Bans Force Rich Russians to Drop Favored Investment Vehicle
- EU, Switzerland bar them from trusts in latest limits
- Move could force rich Russians to transfer assets back home
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For wealthy Russians, the race to shield their fortunes from sanctions is reaching another level.
The European Union and Switzerland are banning one of their favorite overseas investment vehicles. Starting this month, registering or providing management services to family trusts that have Russian nationals as trustors or beneficiaries will no longer be allowed. At the same time, EU and Swiss citizens won’t be allowed to serve as a trustee, nominee shareholder or director for the trusts that already exist.