French Riviera remains a haven for Russian oligarchs amid conflict

The French Riviera continues to attract wealthy Russians despite the ongoing conflict in Ukraine and the EU's sanctions against prominent Russians. Approximately 30,000 Russian-speaking individuals reside in cities like Villefranche, Antibes, Cannes, St. Tropez, and Monaco, where a well-established system allows them to maintain their luxurious lifestyles. France has frozen around 50 properties owned by Russians under EU sanctions, primarily located in the Riviera, yet many owners still manage to maintain their properties and challenge the sanctions legally. Prominent figures such as Mikhail Fridman and Piotr Aven have successfully contested their sanctions, paving the way for reclaiming their properties in St. Tropez and La Turbie. Local authorities struggle to enforce sanctions effectively, as the complex ownership structures of properties often obscure the true owners. This has led to calls for more thorough investigations, but the judicial system is overwhelmed by the evolving regulations. Despite a significant decline in Russian tourists, the luxury goods and tourism sectors in the region remain largely unaffected. The Côte d’Azur has historically welcomed Russian wealth, often overlooking the origins of the funds. Services catering to Russian clients, including property management and rentals, continue to thrive, indicating a persistent demand for luxury experiences in the area. As the situation evolves, the French Riviera remains a sanctuary for Russian oligarchs, highlighting the complexities of international sanctions and the ongoing challenges faced by local authorities in addressing the implications of these wealthy individuals' presence in the region.