Monaco, May 26: Ferrari's Schumacher was running third overall but was at the head of the field with Jarno Trulli and Jenson Button both having made their second pit-stops.
He was attempting to warm his brakes up with the safety car due to return to the pit-lane when Montoya's Williams collided with him.
The pair were summoned to see stewards after the race but the sport's governing body the FIA said in a statement that no further action would be taken.
"Michael brakes very hard as he was warming up his brakes and I moved to the right side of the track to avoid him. But the gap narrowed and we touched," said Montoya.
"If he was braking that hard he should have done it in a different place - not in the middle of the tunnel. It's very hard to judge.


"I moved offline to try not to hit him and he came over exactly to where I was. I didn't have anywhere else to go.


"It was so unpredictable. He just stood on the brakes and you could see the left-front locked for quite a while. As soon as I saw the smoke, I straightaway tried to avoid him but there was nowhere to go.


"I'm not going to blame him and I'm pretty happy I didn't do anything on purpose. I would put it down to a racing incident. If he wants to say anything else, I don't care really. My mind is pretty clear," Montoya said.


"I spoke to him at the stewards - we each put our reaction across. I don't have a problem with it."

Bureau Report