Russian Parliament Deputy Proposes Banning Russians from Investing in Monaco Real Estate

Initiative Context

On July 23, 2026, Russian State Duma Deputy Sergey Mironov proposed legislatively banning Russians from investing in Monaco real estate and other foreign assets. According to him, Russian businessmen have withdrawn tens of billions of dollars since the beginning of the year, including large deals on the French Riviera.

Criticism of offshore schemes

Mironov accused the Central Bank of Russia of assisting oligarchs: “Now you can withdraw as much as you want: if you have a billion, you take a billion. The ban on transferring dividends abroad has been lifted.” He cited examples of expensive villas in Saint-Jean-Cap-Ferrat purchased by Russians through offshore companies.

Proposed measures

Among the party’s legislative initiatives:

• Prohibition of retaining export revenue abroad
• Increased taxes for offshore companies
• Reduction of burden for domestic investors

“The open economy only works for oligarchs, it is a hole through which our money leaks,” said the deputy.

Reaction and perspectives

Mironov insists on a “sovereign economy” capable, in his opinion, of resisting the West. However, experts doubt the feasibility of the ban, considering the historical ties of the Russian elite to the Riviera. Monaco has not yet commented on possible consequences for the real estate market.

 

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