Russia sanctions trigger European trust fund crisis – FT
George Mihalcea
Risks of wider financial fallout now threaten Liechtenstein’s status as a global wealth hub, according to a report Liechtenstein is scrambling to contain a crisis triggered by Western sanctions on Russia that has left hundreds of trust funds in legal limbo, the Financial Times reported on Monday. At the center of the crisis are so-called ‘zombie’ trusts; funds that are legally recognized but remain frozen after fiduciaries (asset managers acting on others’ behalf) and board directors resigned
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