PARIS (Reuters). MONACO, a tax haven that is often favored by the super-wealthy will continue to freeze assets and impose sanctions against certain Russians in response to President Vladimir Putin’s invasion Ukraine. This was announced Monday by Monaco Royal Palace.

The palace stated that Prince Albert of Monaco supported any efforts to end the violence in Ukraine and encourage the withdrawal of Russian military forces from Ukrainian soil.

The palace released a statement saying that the Principality had implemented without delays procedures to freeze funds and implement economic sanctions similar to those used by many European States.

Monaco has been a popular destination for rich Russians and foreigners alike, thanks to its Mediterranean climate and friendly tax regulations. Monaco’s bay and marina are filled with superyachts belonging to celebrities, billionaires and oligarchs during the summer months.

Monaco Royal Palace has not stated who assets will be frozen.

France earlier Monday said that it had begun to search through Russian assets listed on sanction lists related to the Ukraine war. This included properties, luxury cars, and yachts.

After a meeting with President Emmanuel Macron, Bruno Le Maire, French Finance Minister, stated that “we have all the legal power to seize these assets.”