Monaco clamps down on Russian assets after Ukraine invasion

[EleanorR]

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PARIS (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.

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.

[lapfog_1]

1. now the Caymans and Panama...

[lagomorph777]

2. Put tire boots on all the yachts.

[nycbos]

8. Lol

However I think the technical term would be to put them in dry dock.

[lagomorph777]

9. That's it!

[Irish_Dem]

3. Even the money launderers are getting religion all of a sudden.

[C_U_L8R]

5. I think they like the idea of keeping all that Russian loot.

It may be a stretch to think they suddenly found integrity. Whatever the motivation, their action is welcome

[Irish_Dem]

7. Good point. They stand to make a fortune confiscating Russian money.

Oh well, whatever the motivation is, it works out just fine.

[Budi]

4. Dear lord. When you lose the Monaco tax havens!!

Ha!

[Wicked Blue]

6. Prince Albert puts Putin in a can

[lagomorph777]

10. LOL now there's a prank.