24-meter long “La Petite Ourse” yacht, belonging to Russian oligarch Alexei Kuzmichev docked in the harbour of Antibes, south of France, on March 24, 2022. | Valery Hache/AFP via Getty Images
Despite the ongoing war in Ukraine and sanctions aimed at Russian elites, the French Riviera remains a playground for Russian oligarchs. While their presence is more discreet now, the allure of this glamorous region remains strong for the super-rich Russians.
“It’s been a while since we’ve seen Roman Abramovich,” says a staff member at Le Rocher, a high-end restaurant in Antibes, where the former Chelsea FC owner was a frequent guest before French authorities seized his villa in April 2022. Officially, Russia’s wealthiest seem absent from Europe due to EU sanctions, but stroll along the palm-lined streets of Villefranche, Antibes, or Cannes, and it’s clear Russians are still around.
Thanks to a well-established system, wealthy Russians have managed to maintain their luxurious lifestyles, avoiding the full impact of sanctions. Local businesses, from hoteliers to yacht rental services, continue catering to Russian clients, though under greater scrutiny.
“We’re entering an era of industrialized sanctions, but the EU wasn’t built for that purpose,” noted a senior French finance ministry official. Sanctions have frozen about 50 Russian-owned properties in the region, but enforcement remains inconsistent. Legal loopholes have allowed some oligarchs, like Mikhail Fridman and Piotr Aven, to challenge sanctions in court and regain partial control over their Riviera estates.
Though middle-class Russian tourists have dwindled, the ultra-wealthy remain, fueling a steady demand for luxury services. The region’s reliance on foreign wealth means that, as long as the oligarchs keep a low profile, they continue to enjoy the perks of the French Riviera.
In cities like Monaco, Russian billionaires still find sanctuary, despite the global push to clamp down on their assets. “Monaco makes life easier for Russian billionaires,” said a local judge, explaining how some Russians use citizenships from other countries to circumvent travel restrictions. The allure of opulence and discretion keeps the Riviera as attractive as ever for those who can afford it.
