Have Monaco authorities investigated potential misuse of Ukrainian registrations for sanctions evasion?
Executive summary
Monaco has publicly adopted and implemented sanctions measures matching many European states since Russia’s 2022 invasion, and has on multiple occasions frozen assets and cooperated in cross-border probes [1] [2]. Recent cross‑border investigations involving alleged laundering tied to Ukrainian-linked arms sales resulted in arrests and €57m frozen with Monaco a jurisdiction of interest and a cooperating partner [3] [4]. Reporting also records sustained criticism that Monaco’s checks on ownership and inquiry activity may be inadequate and that some campaigners say Monaco has not investigated certain Russian-linked flows fully [5].
1. Monaco declared it would apply sanctions — and did freeze assets
When Russia invaded Ukraine in February 2022 the Principality publicly said it would “adopt and implement, without delay, procedures for freezing funds and economic sanctions identical to those taken by most European States,” a position reiterated by state statements and contemporaneous reporting [1] [2]. Monaco’s government also launched a digital platform listing people and entities subject to fund‑freezing procedures and invited those listed to make contact with the Budget and Treasury Department [6].
2. Concrete cross‑border criminal cooperation has included Monaco
Investigations coordinated through Eurojust and national prosecutors have involved Monaco as a cooperating jurisdiction. Reporting of a May 2025 case says officials froze €57 million and arrested a Ukrainian entrepreneur accused of laundering proceeds from illegal weapons sales through property in France and Monaco; Eurojust helped coordinate prosecutors from Ukraine, France and Monaco [3]. Local press sources likewise described an arrest in Monaco of the son of a Ukrainian oligarch in relation to the same money‑laundering inquiry [4].
3. Has Monaco investigated misuse of Ukrainian registrations for sanctions evasion? — available evidence
Available sources do not specifically report Monaco investigating “Ukrainian registrations” used to evade sanctions. Coverage shows Monaco investigating and freezing assets tied to alleged laundering involving Ukrainian actors and cooperating internationally on cases linked to arms sales and property purchases [3] [4], but the record provided does not mention probes expressly focusing on misuse of Ukrainian company registrations or claims that Ukrainian registrations were used to disguise sanctioned Russian interests (not found in current reporting).
4. Criticism and allegations of inadequate scrutiny
Investigative outlets and campaigners have accused Monaco of lax checks and of being slow or reluctant to pursue certain leads. Follow the Money reported that critics — including campaigner Bill Browder — argue Monaco has not adequately investigated complaints about Russian illicit flows and that Monaco’s verification of ultimate ownership and beneficial owners has been insufficient, leaving open the possibility of sanctions circumvention [5]. That reporting frames a competing viewpoint: Monaco says it follows international standards and has systems for freezing assets [6] [2], while critics say enforcement and transparency fall short [5].
5. International enforcement pressure and U.S. task forces — context for Monaco’s actions
U.S. and European enforcement efforts have intensified since 2022, with task forces and prosecutions aimed at kleptocracy and sanctions evasion; the U.S. Department of Justice described coordinated seizures and new task forces targeting oligarchic assets and sanction violators [7]. Those wider efforts create pressure and channels for cooperation that have involved Monaco in individual investigations, even if scrutiny of some alleged channels remains contested [3] [7].
6. What this record implies — cautious conclusions
The documented facts show Monaco has taken sanctions measures, frozen assets and participated in joint investigations that touch on Ukrainian‑linked financial flows [1] [3]. However, the specific question of whether Monaco has investigated misuse of Ukrainian registrations for sanctions evasion is not answered by the available reporting: sources confirm related money‑laundering probes and criticisms of Monaco’s rigor, but do not cite an explicit probe into Ukrainian corporate registrations as a systematic sanctions‑evasion method (p1_s3; [5]; [4]; not found in current reporting).
7. What to watch next
Follow cross‑border judicial updates from Eurojust and joint statements from Monaco’s Attorney General or Budget and Treasury Department for definitive action on registration‑based schemes; further investigative reporting could document whether Monaco opens targeted probes into the use of Ukrainian registrations. Critics’ public statements and investigative pieces [5] plus official case disclosures [3] [4] will be the clearest signals that Monaco is probing the exact mechanism you asked about.
Limitations: This analysis uses only the supplied sources. Where those sources do not mention a specific allegation or probe, I note that absence rather than assume it did or did not occur (not found in current reporting).