Monaco cracks down on Russian assets after Ukraine invasion

PARIS, Feb 28 (Reuters) – Monaco, a tax haven often favored by the super-rich, will freeze assets and impose sanctions on some Russians following President Vladimir Putin’s invasion of Ukraine, announcing Monday the Royal Palace of Monaco.

Prince Albert of Monaco supported all efforts to end the fighting in Ukraine and encourage 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 press release.

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

The Royal Palace of Monaco did not specify which assets would be frozen.

Earlier on Monday, neighboring France said it was combing through financial assets held by Russians on sanctions lists linked to the war in Ukraine, including properties, yachts and luxury cars. Read more

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

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Reporting by Sudip Kar-Gupta; written by Richard Lough Editing by Chris Reese and Leslie Adler

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