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ECONOMY

Sanctions contre des personnes et des entités
Sanctions against persons and entities

Gel des avoirs + restrictions à l’entrée 877 personnes/people
Asset freeze + Travel restrictions 62 entités/entities

Les avoirs des personnes et entités … responsables de compromettre l'intégrité
sanctionnées dans l’UE sont gelés territoriale, la souveraineté et l'indépendance
Assets of sanctioned persons and de l'Ukraine
entities in the EU are frozen … responsible for undermining Ukraine’s territorial
integrity, sovereignty and independence
Aucune ressource financière ne doit être mise
à la disposition des personnes sanctionnées Les personnes visées comprennent 22 Biélorusses,
No funds should be made available to people sanctioned le président russe, Vladimir Poutine, et le ministre
des affaires étrangères, Sergueï Lavrov
Les personnes sanctionnées ne peuvent Individuals targeted include 22 Belarusians,
pas se rendre dans l’UE Russian President Vladimir Putin and
Sanctioned individuals cannot travel to the EU Minister for Foreign Affairs Sergey Lavrov
En vigueur jusqu’au
In place until 15/09/2022

Renouvelées Tous les 6 mois
Rewed Evry 6 months
Source © Union Européenne 2022

War in Ukraine: the shock by Milena Radoman

Since the start of the Russian invasion on 24 February, our daily lives have been marked by the war
in Ukraine, from images of processions of refugees avoiding bombs to the unbearable sight of the
Bucha massacre. Economically, the consequences of this conflict are already palpable.

After Covid, now war on the doorstep of the countries, who are major importers of wheat,” mention the impact on tourism, linked to the
European Union. In this “age of permacrisis” as notes Bernard Pasquier, former World Bank limitation of travel of this four- and five-star
The Times put it, the world is watching in fear executive and member of the Monaco 2040 clientele, admittedly already absent since the
as the Russian army advances into Ukraine, think tank. The surge of inflation preceded the Covid crisis. The significant increase in energy
driving millions of refugees from their homes, invasion and the conflict is adding fuel to the fire… and raw material prices and supply issues (steel,
as well as the consequent rise of the nuclear aluminium, plasterboard, tiles, etc) are already
threat. Whilst no-one can predict the outcome What if the conflict lasts? impacting construction and public works, the
of events, the first consequences of this conflict In Monaco, the evolution of the conflict is being mainstay of the Monégasque economy. “We
are palpable. Beyond the suffering and the carefully monitored. “Today we have concerns are heading towards stagflation*,” says Michel
humanitarian crisis, growth forecasts are down related to the circulation of Covid but also, and Dotta, President of the Monaco Economic Board.
and the entire global economy is experiencing an above all, in relation to the conflict in Ukraine, The optimism of the end of the pandemic,
acceleration in inflation. With Russia and Ukraine the consequences of which on the European therefore, has become a thing of the past. The
being major producers of raw materials, there and Monégasque economy could intensify if it Principality ended 2021 on a positive note with
is already a surge in world prices, particularly in were to last over time,” believes Jean Castellini, “a nice rebound” in turnover (€2 billion more
oil and natural gas, but also in the cost of food. Minister of Finance and Economy, citing the compared to 2020 and €1 billion more compared
As the granary of Europe, these two countries volatility of the financial markets. “Stock market to 2019 before the crisis). Whilst tourism,
provide 30% of world wheat exports and prices uncertainties can affect investment capabilities, accommodation, air transport and the events
are reaching record levels. “This creates a particularly in real estate. If some people find sector did not, obviously, return to pre-Covid-19
shock between supply and demand and the first themselves with shrinking wallets, this further levels (with an average hotel occupancy rate
victims are the poorest populations in developing limits their ability to spend and invest.” Not to of 41.6%), the Monégasque economy did have
*Stagflation is the situation of an economy that simultaneously suffers from little or no economic growth and high inflation (ie rapid price growth).

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