Even amidst Russia’s invasion of Ukraine, wealthy Russians continue to frequent the French Riviera, one of Europe’s most luxurious destinations.
Owners can Still Use Properties
While European Union (EU) sanctions have targeted Russian oligarchs by freezing assets and confiscating properties, these measures seem to have little effect on the region’s allure for the Russian elite, according to Digi24.
According to local reports, high-profile Russians still manage to maintain their opulent lifestyles on the Côte d'Azur, albeit more discreetly than before.
France has frozen about 50 properties belonging to sanctioned Russians, most of which are located along the French Riviera. However, in some cases, owners can still maintain and use their properties, inviting guests and continuing to enjoy the lavish lifestyle the region offers.
Additionally, legal challenges by some wealthy Russians have succeeded in overturning sanctions. For instance, two prominent Russians recently regained control of estates in St. Tropez and La Turbie.
30,000 Russian Speakers
Local business owners, from restaurateurs to real estate agents, confirm that affluent Russians continue to visit.
In fact, the region is home to approximately 30,000 Russian speakers, with some businesses openly advertising services tailored to Russian clientele. While sanctions have made it harder to import certain goods, luxury industries, such as yachting and high-end real estate, remain largely unaffected.
Authorities face difficulties enforcing the complex and evolving sanctions. Legal loopholes and secretive financial structures make it hard to determine who really owns some of the properties.
In Monaco, which is often seen as a haven for the ultra-wealthy, Russian billionaires can bypass sanctions thanks to its lenient financial regulations.
