EU, UK, US, and Switzerland ban luxury goods trade with Russia, hitting art market
The art market has been affected by the international reaction to the Ukraine conflict, particularly due to a luxury goods trade ban imposed by the US, UK, EU, and Switzerland. This prohibition prevents the sale, supply, transfer, or export of luxury items exceeding €300 to Russia, Belarus, and individuals under sanctions. The US implemented this ban on March 11, followed by the EU on March 15, Switzerland on March 25, and the UK on April 14. Additionally, the UK's regulations extend to luxury goods for anyone deemed 'connected' to Russia, leading to some confusion. As a result, prominent auction houses have ceased operations in Russia, with Roman Abramovich among those sanctioned. Continuous monitoring of these evolving sanctions is essential.
Key facts
- EU, UK, Switzerland, and US banned luxury goods trade with Russia, including art and antiques.
- Ban prohibits sale, supply, transfer, or export of luxury items over €300 to Russia or Belarus.
- US applied ban on March 11, 2022; EU on March 15; Switzerland on March 25; UK on April 14.
- UK legislation bans making luxury goods available to any person 'connected' to Russia, causing ambiguity.
- Roman Abramovich is among Russian collectors sanctioned by the UK.
- Arkady and Boris Rotenberg were sanctioned by the US since 2014 but bought art via Sotheby's in July 2020.
- UK Foreign Secretary Liz Truss announced on May 4, 2022 a ban on Russians using accounting, consultancy, and PR services.
- New ban may affect art advisory and shipping, but implementation date is not announced.
Entities
Artists
- Francis Bacon
- Sandro Botticelli
Institutions
- Sotheby's
- Christie's
- Hauser & Wirth
- Artribune
Locations
- European Union
- United Kingdom
- Switzerland
- United States
- Russia
- Belarus
- New York
- London