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.
Artworks can be relatively easily sold across national borders without alerting the authorities, with the subjective nature of the value allowing prices to be easily inflated or deflated. The antiquities, art and cultural object market is said to have had a global value of €59.3 billion 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.
The NACP said Russian oligarchs were still all too easily able to “hide and launder their money through art objects” despite the sanctions imposed on them. “Painting, sculptures, artistic jewellery – this is exactly what is used as a loophole to circumvent sanctions,” the agency said. “The ‘war and art’ section will contribute to the work on preventing the circumvention of sanctions, finding artistic assets of sanctioned Russians with the aim of their further freezing, confiscation and future transfer to Ukraine.”