In an interview with Monaco Info, the Executive Director General of the Monaco Economic Board (MEB) commented on the consequences of the conflict between Russia and Ukraine for the Principality.
As the Russian offensive in Ukraine enters its seventh day this Wednesday, the global economy is still uncertain. And the Principality, in solidarity with the international community, is obviously no exception to the rule.
“Trade with Ukraine and Russia is at a standstill,” says Guillaume Rose, who is well acquainted with Russia, having had many dealings when he was head of the tourism and congress department. “All the links we have built with the Russian Federation since 2015 or in some cases even long before that, are currently broken.”
Monegasque trading and oil companies heavily impacted
Among the sectors most affected, Monegasque trading and oil companies are said to already be “heavily impacted”, which is currently driving the Monegasque business community to seek “alternative solutions.”
Globally speaking, trade between Monegasque companies and other countries is extremely significant, particularly with Western Europe and Africa, but remains relatively limited with Russia.
But according to Guillaume Rose, the distance between the two countries will mostly be felt from a social point of view. “Monaco and Russia have a history that dates back to the late 19th century. The bond has always been strong between the two countries and we are now heartbroken to see this bond weakened.”
Two trips that were planned to Saint Petersburg, one in April to accompany the Monte Carlo Ballets, and another in June with the Monaco Economic Board, are cancelled. “We hope to return to Russia one day , but to a different Russia.”