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Ukraine creates database of art linked to sanctions-hit Russians
(www.theguardian.com)
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this post was submitted on 08 Aug 2023
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This is the best summary I could come up with:
Western economic sanctions imposed on hundreds of Russian individuals are designed to restrict the ability of those who are profiting from or fuelling the war to move their fortunes around the world.
The antiquities, art and cultural object market is said to have had a global value of $65.1bn in 2021, according to the Financial Action Task Force, an intergovernmental laundering watchdog that published a report in February to advise on regulatory best practice.
Among the collectors named on the portal is the former Chelsea football club owner Roman Abramovich, who is said to have acquired a number of well-known pieces over the years, including a Francis Bacon triptych from 1976, Alberto Giacometti’s Woman of Venice I and eight albums from the series The 10 Characters by the American conceptual artist Ilya Kabakov.
The inclusion of famous works by artists as varied as Claude Monet, Damien Hirst and Auguste Rodin highlights the extraordinary wealth accumulated by those said to be supporting the Russian leadership.
“Among their owners are Russian billionaire Viatcheslav Kantor, model Daria Zhukova, rapper Timur Yunusov (Timati) and other individuals who are under sanctions for directly supporting Russia’s war against Ukraine.”
In some cases, the art has been sold on to people who are not on a sanctions list but their past Russian ownership has been included in an attempt to discourage such assets being used to launder fortunes.
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