The Government announced on Monday afternoon that the Principality has adopted “without delay” the freezing of assets and other economic sanctions already imposed by the European Union. The Minister of State had already indicated that Monaco had a duty to do this within the framework of international obligations.

“In accordance with its international commitments, the Principality has adopted and implemented, without delay, procedures for freezing funds and economic sanctions identical to those taken by most European States”, the statement said.

It was Monaco’s first official statement since the start of the Russian attack on Ukraine on Thursday, February 24.

Switzerland on Monday announced a freeze on Russian assets.