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By Arnaud Sagnard, Partner of Sagnard Associés
After the Cyprus bank crisis of March 2013 many experts agreed that Cyprus would be shortly abandoned by the investors, mostly of Russian origin, for the jurisdictions with the better environment for conducting business. What is the prognosis regarding the Russian-Luxembourg business relationship, and what could be done for the improvement of the Luxembourg positions?
Since March 2013 the Luxembourg bankers and lawyers along with the Dutch, Swiss and Irish competitors flew to Cyprus and Russia with the view to catch as many clients as possible, expecting a quick profit. The governments did not fall behind the business. In particular, Luxembourg Economy Minister Étienne Schneider met with some of the...
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