Home TRENDING Monaco, wealth hub of the super-rich, adopts EU sanctions against Russia.

Monaco, wealth hub of the super-rich, adopts EU sanctions against Russia.

Following President Vladimir Putin’s invasion of Ukraine, Monaco, a tax haven popular with the super-rich, will proceed with freezing assets and implementing penalties on particular Russians, the Monaco Royal Palace announced on Monday. According to the palace, Prince Albert of Monaco supported all measures aimed at halting the war in Ukraine and persuading Russian armed troops to leave Ukrainian territory.

Monaco, a tiny Mediterranean principality with a sunny climate and advantageous tax policies, has long drawn foreigners, notably wealthy Russians. Monaco’s marina and bay are packed with superyachts owned by worldwide billionaires, celebrities, and oligarchs throughout the summer months. The Monaco Royal Palace did not specify who would have their assets frozen. Earlier on Monday, France announced that it was examining the financial assets of Russians included on sanctions lists related to the Ukraine conflict, including homes, yachts, and luxury cars.
After a crisis conference with President Emmanuel Macron, French Finance Minister Bruno Le Maire remarked, “We have the legal authorities to seize all of these assets.” According to his public financial filings, Mr. Putin makes around $140,000 per year and has a small apartment. That, however, would not explain for “Putin’s Palace,” a sprawling estate on the Black Sea with a Byzantine ownership history that does not include the Russian president but has been tied to his government in numerous ways. The revelations would also fail to explain for “Putin’s Yacht,” a $100 million luxury yacht that has long been linked to him in speculative press stories
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