Monaco
Prince Albert freezes the money of rich Russians in Monaco
Princess Stephanie, Princess Caroline of Hanover and Prince Albert II of Monaco take a stand against the Ukraine war
© Nebinger-Orban/ABACA/ / Picture Alliance
Now things are getting uncomfortable for oligarchs in Monaco too: the principality has clearly backed Ukraine. In an official statement, Prince Albert announced that he would freeze Russian money.
Putin’s doings in Ukraine are being watched around the world. Civilians are dying, bombs are exploding, and pro-Ukraine pro-Ukraine pro-Ukrainian sentiments everywhere. In the past few days, it has been quiet from the Principality of Monaco on this topical issue, now Prince Albert has spoken with a statement from the palace.
The official letter from the palace reads: “Prince Albert II strongly condemns the invasion of Ukraine. His Majesty expresses his full solidarity with the people of Ukraine, victims of military operations and bombings. He supports calls for an immediate ceasefire. The Principality Monaco reaffirms its commitment to respect international law, the sovereignty, integrity and independence of States. It believes that disagreements and conflicts should only be resolved peacefully, through dialogue and diplomacy. The Sovereign Prince supports all initiatives aimed at a cessation of hostilities, return to consultations and withdrawal of Russian forces from the territory of Ukraine.”
At the same time, Albert announced that he would freeze funds from Russian oligarchs. Literally it says: “In accordance with its international obligations, the Principality has promptly adopted and implemented procedures for freezing funds and sanctions, identical to those of most European states.”
Monaco lets actions speak
With this statement, Prince Albert sets an example. The small, independent city-state in southern France is a well-known place for the rich and certainly a popular vacation spot for many oligarchs. Monaco is also known as a tax haven. There is no income tax, no inheritance tax and financial crimes committed abroad are not prosecuted as long as you are a resident of the Principality of Monaco. How many Russian fortunes are actually located in Monaco is not known.
Source: Instagram