Priceless masterpieces stuck in limbo as Russian sanctions bite
Hallett Independent’s CEO, Adam Prideaux, has recently been quoted in a Telegraph article on issues facing Russian and Russian affiliated art insurance policies.
It’s emerged that with the current raft of sanctions on Moscow following its invasion of the Ukraine, that dozens of masterpieces loaned between European and Russian museums are stuck in limbo. Major European museums are facing problems trying to return Russian works and get back their own pieces, while important future loans have been cancelled.
With all insurances for Russians and Russian entities on a sanction list having been suspended, Adam brought his expert art insurance opinion to the situation:
“Insurers can neither receive premiums, nor pay claims. Furthermore, the new package of sanctions against Russia includes luxury goods and unfortunately, fine art falls under this bracket.
“There is no clear definition as to what constitutes Russian affiliated risks and therefore, as it stands at the moment, nearly all specialist art insurers are not renewing nor accepting new business from any Russian individual or entity whether sanctioned or not.”
Photo caption:
A painting by Wassily Kandinsky, whose works are currently facing a long trip back to Russia from an exhibition in Seoul because of a lack of flights CREDIT: AP Photo/Remy de la Mauviniere
