Luxury boats are seen during the Monaco Yacht Show, one of the most prestigious pleasure boat shows in the world, highlighting hundreds of yachts for the luxury yachting industry in port of Monaco, September 22, 2021. REUTERS/Eric Gaillard/File Photo

Monaco Clamps Down On Russian Oligarch Yachts

Reuters
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March 1, 2022

by Sudip Kar-Gupta (Reuters)  Monaco, a tax haven often favoured by the super-wealthy, will proceed with freezing assets and imposing sanctions on certain Russians following President Vladimir Putin’s invasion of Ukraine, the Monaco Royal Palace said on Monday.

Prince Albert of Monaco supported all efforts aimed at halting the fighting in Ukraine and encouraging the withdrawal of Russian armed forces from Ukrainian territory, the palace said.

“The Principality has adopted and implemented, without delay, procedures for freezing funds and economic sanctions identical to those taken by most European States,” the palace said in a statement.

The Monaco Royal Palace did not say whose assets would be frozen. 

Foreigners, including rich Russians, have for years been attracted to Monaco, a tiny Mediterranean principality, by its warm climate and generous tax rules. During the summer months, Monaco’s marina and bay are filled with the superyachts of international billionaires, celebrities and oligarchs.

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Earlier on Monday, neighbouring France said it was combing through the financial assets owned by Russians listed on sanctions lists linked to the Ukraine war, including properties, yachts and luxury cars. 

“We have the legal powers to seize all of these assets,” French Finance Minister Bruno Le Maire said after a crisis meeting with President Emmanuel Macron. 

(Reporting by Sudip Kar-Gupta; writing by Richard Lough Editing by Chris Reese and Leslie Adler)

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