Ukraine (EU): significant update of the national list of persons subject to a freeze of funds and economic resources in Monaco (September 2024)

Monaco legal basis: Decision of the Minister of State no. 2024-79 of 13 September 2024 made pursuant to Sovereign Order no. 8.664 of 26 May 2021 on procedures for freezing funds and economic resources in application of international economic sanctions, as amended.

UE legal basis: On the basis of a review carried out by the Council of the European Union, Council Implementing Regulation (EU) 2024/2455 of 12 September 2024 has updated the information concerning 98 natural persons and 33 entities listed in Annex I to Council Regulation (EU) no. 269/2014 of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. Entries relating to 8 people have also been deleted (death or other), as well as one duplicate entry.

The 140 changes are reflected in Monaco national list of natural or legal persons subject to a measure freezing funds and economic resources, maintained and updated by the Budget and Treasury Department, which complies with the lists drawn up by the United Nations, the European Union and the French Republic and incorporates, where applicable, the designations made by the Minister of State on the basis of United Nations Security Council Resolution 1373 (2001) (fight against terrorism).

* * *

Note: on 12 September 2024, the Council of the EU decided to extend for 6 months, until 15 March 2025, the individual restrictive measures, which include, in addition to the freezing of assets and the prohibition on making funds or other economic resources available to the persons and entities on the list, travel restrictions. (Press Release)

See also our publication > Ukraine ● Focus on the 14th EU sanctions package (sectoral and individual restrictive measures)

* * *

Consequences of inclusion on the list for freezing funds and economic resources:

• Shall be frozen all funds and economic resources belonging to the natural or legal persons, entities or bodies, or to natural or legal persons, entities or bodies associated with them, included in the list, as well as all funds and economic resources owned, held or controlled by such natural or legal persons, entities or bodies.
• No funds or economic resources shall be made available, directly or indirectly, to or for the benefit of the natural or legal persons, entities or bodies, or natural or legal persons, entities or bodies associated with them, included in the list.

Therefore, if unlisted entities are deemed to be owned or controlled by listed persons or entities, their assets must also be frozen and no funds or economic resources may be made available to them.

This presumption may be rebutted on a case-by-case basis by the unlisted entity concerned, if it can be demonstrated that all or part of its assets are outside the control of the listed person, and/or that funds or economic resources made available to it would not in fact reach or benefit the listed person.

* * *