Investors have been offered a new way to unblock frozen assets – through trust management, Vedomosti learned. Such a service is available at Nordic Star.
Creating trusts in “friendly” jurisdictions (Seychelles) and transferring them to trust management (Cyprus) allows you to bypass the ban on opening accounts for Russians, but requires double permissions from sanctions authorities and increases the cost of the process.
“Interest in the schemes is growing, but this is not a mass solution – they are primarily suitable for large investors. The mechanism is only viable with absolutely transparent structuring and full compliance with the requirements of EU and US regulators. However, it significantly increases the cost of unblocking due to the costs of trust and management. There is no universal method – each case is unique and requires readiness for a complex and costly procedure”, – Andrey Gusev, Senior Partner at Nordic Star.
Read more in the Vedomosti article.