The Times of London reported Sunday that Monaco has turned into a favorite playground of wealthy Russians.

"They're extremely rich and, judging by the way they spend it, you get the feeling that it was earned very easily," said Frederic Laurent, a Monaco native and author of "The Prince on his Rock."

The newspaper reported that a spokesman for the prince declined to comment about the friendship between Albert and Russian Prime Minister Vladimir Putin.

The two spent a week together last summer, fishing and hunting in Siberia. They met again last month in St. Petersburg, when Putin thanked the prince, a member of the International Olympic Committee, for supporting Russia's bid to host the winter Olympics in 2014.