Ukraine tracks circumvention of sanctions by Russians with new art database
The total value of identified works of art is $1.35 billion. Photo: National Agency on Corruption Prevention (NACP)
The database, which will help track sanctions violations by Russian individuals in operations on the art market, was created by the National Agency for the Prevention of Corruption (NACP), Rubryka reports.
What is the problem?
Due to Russia's full-scale war in Ukraine, many countries, including the EU states and the US, introduced sanctions against Russian oligarchs, whose businesses directly financed or supported the Russian war machine.
"Russian oligarchs, despite the sanctions imposed, can still easily hide and launder their funds through art objects. Paintings, sculptures, artistic jewelry are exactly what are used as a loophole to circumvent sanctions," NACP said.
What is the solution?
The National Agency for the Prevention of Corruption (NACP) has created a database that will help track violations of anti-Russian sanctions in operations on the art market.
How does it work?
As reported by NACP, you can track the circulation of art products bought or sold by Russians subject to sanctions in the "War and Art" section of the "War and Sanctions" portal.
This section contains a database of art objects owned by the Russians under sanctions or sold or bought by them since 2014. These items can be used for money laundering and sanctions evasion.
Currently, the database contains information on more than 300 art objects. Among the owners are rapper Timur Yunusov (Timati), oligarchs Dmitry Rybolovlev, Roman Abramovich, Mikhail Friedman, Oleg Deripaska, the model and ex-wife of Abramovich Daria Zhukova, and other persons who are under sanctions for contributing to the war unleashed by the Russian Federation in Ukraine.
Background
Among the works of art that can be found in the list is the most expensive painting in the world — Salvator Mundi by Leonardo da Vinci.
"The Savior of the World" is a painting by the Italian artist Leonardo da Vinci, considered lost for a long time. Its customer is regarded as the King of France, Louis XII.
Several sketches are kept at Windsor Castle. About 20 Leonardo paintings on this subject have been preserved. It is assumed that one of them is a badly damaged original of Leonardo, finished by someone from his workshop.
In 1982, the painting took part in an exhibition of the master's works in his native city of Vinci. In 1999, the picture was sold at the Sotheby's auction for $332,000. In 2013, Russian oligarch Dmitry Rybolovlev bought it for $79 million and put it up for sale in 2017. Then the da Vinci painting set a record when it was sold for $450.3 million.
Since the beginning of Russia's full-scale invasion of Ukraine, the National Security Agency, together with the Ministry of Foreign Affairs of Ukraine (MFA), the Security Service of Ukraine (SBU), the Ministry of Justice of Ukraine, and other institutions, began work on sanctions lists of Russians involved in the war against Ukraine. President Volodymyr Zelensky signed the law, which provides for the creation of a state register of sanctions.
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