The key questions about how sanctions affect the art market, answered by a crack legal team:
Roman Abramovich's super yacht Solaris is seen moored at Barcelona Port on March 1, 2022 in Barcelona, Spain. Abramovich has been sanctioned by the U.K. government.
Good question. The U.S. Treasury Department’s Office of Foreign Assets Control administers and enforces sanctions against individuals, companies, and even countries in accordance with U.S. foreign policy goals. These sanctions programs vary in scope, and in the case of Russia include not just specific oligarchs but entities they may own or control. The bottom line is that doing business with a sanctioned party is against the law and punishable by substantial fines and even imprisonment.
That means you would not be legally permitted to, say, purchase a painting for your client from a U.S. gallery at a European art fair, sell a sculpture on his behalf at an American auction house’s Hong Kong branch, or possibly even receive payment from him in U.S. dollars, since dollar wires flow through the U.S. banking system. And because any U.S.
How the heck could I know if a sanctioned party owns 50 percent or more of XYZ Corp? The company definitely won’t put that information on its website. Not a chance. OFAC specifically prohibits people from doing indirectly—such as through an intermediary—what they can’t legally do directly, so this type of workaround would definitely lead to legal problems for you. You need to be careful not even to facilitate a transaction with a sanctioned individual.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Today's biggest crypto gainers: Why REQ, MFT and KEY rallied over 20%REQ, MFT and KEY overcome the noise to post double-digit gains as decentralized payments and identity management trend higher amidst ongoing global developments.
Read more »
As China’s covid outbreak expands, whole cities and provinces are sealed off and key industries closedChina has put several of its industrial hubs under lockdown to confront its worst coronavirus outbreak in two years, restricting the movement of tens of millions of residents in measures that threaten to disrupt global supply chains.
Read more »
Environmental sustainability key sticking point in EU MiCA billThe European Parliamentary Committee will vote on the MiCA bill today. It had a line re-added late last week that calls for proof-of-work chains to come into compliance with environmental sustainability standards.
Read more »
'Don't expect the Mueller report': Video to play key part in Jan. 6 hearings and reportRather than relying on a report text, these hearings are expected to use video and multimedia elements, similar to approach used in Trump's second impeachment trial.
Read more »
The Bank of Canada just raised its key lending rate; here's what that means for youSavers will gain and borrowers will lose as interest rates rise this year, experts say.
Read more »