NewsPrince Albert Freezes Russian Funds: Monaco's Drastic Steps

Prince Albert Freezes Russian Funds: Monaco's Drastic Steps

Things are getting uncomfortable for Russian oligarchs on the beautiful Côte d’Azur. Monaco’s prince rigorously demands respect for humanitarian law in Ukraine and freezes accounts.

Monaco – The official press release from the sovereign leaves no doubt as to where the independent miniature state, which is also considered a tax haven, is positioned. Prince Albert (63) not only condemned the invasion of Ukraine in the strongest possible terms, he took immediate action. He has already implemented his most drastic measure and should not like rich Russians at all. He had money deposits in the principality frozen.*

Prince Albert Freezes Russian Funds: Monaco’s Drastic Steps

The official statement by Prince Albert II* states: “The Principality of Monaco reaffirms its commitment to respect for the law, international law, sovereignty, integrity and the independence of states”. But that’s not all, the words of the husband of the justice-loving Princess Charlène of Monaco* (44) sound like a personal rebuke of the Russian head of state: His Highness is of the opinion “that differences of opinion and conflicts should only be resolved through dialogue and diplomacy “.

Stehen nebeneinander: Prinzessin Caroline von Hannover, Fürst Albert und Prinzessin Stéphanie von Monaco (Symbolbild).


The siblings are united in Ukraine politics: Princess Caroline of Hanover, Prince Albert and Princess Stéphanie of Monaco (symbolic picture).

The Rector’s Palace* also pledged its support to all initiatives aimed at stopping the fighting, returning to consultations and withdrawing Russian forces from the region from Ukraine.

Literally it says: “The Principality is ready to support the humanitarian organizations that are courageously committed on site. In line with its international obligations, the Principality promptly adopted and implemented procedures for freezing funds and sanctions consistent with those of most European states.”

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Prince Albert freezes Russian funds: the tax haven has closed

As a result, the picturesque city-state in southern France falls flat as a popular vacation spot for oligarchs. You must stay away from the hustle and bustle on the yachts and red carpets of the rich and beautiful* in the future. Because the tax haven is closing its gates. Because neither income tax nor inheritance tax is levied in Monaco and financial crimes committed abroad are not prosecuted, provided one has a place of residence in the principality, many wealthy people are drawn to the rocky state. Exact figures are not known, but the sums are likely to be immense.

Despite the permanent absence, many also expect Charlènes to make a statement from Monaco, although rumors of a planned move from the principality* have recently been circulating. * is an offer from IPPEN.MEDIA

Rubric picture: © PPE / Imago

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