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<ul class="summary-list"><li>The <keyword id="13940441" type="UNKNOWN" weightage="60" keywordseo="victoria-and-albert-museum" source="Orion">Victoria and Albert Museum</keyword> is in possession of a Fabergé <keyword id="11898507" type="UNKNOWN" weightage="60" keywordseo="egg" source="Orion">Egg</keyword> belonging to a sanctioned oligarch.</li><li>The ornament, owned by <keyword id="13544421" type="UNKNOWN" weightage="60" keywordseo="viktor-vekselberg" source="Orion">Viktor Vekselberg</keyword>, is on loan to the London museum.</li></ul>A UK museum, which is in possession of a Fabergé Egg belonging to a sanctioned Russian oligarch, could breach sanctions if it returns it to him.<a href="https://inews.co.uk/news/va-at-risk-of-violating-ukraine-war-sanctions-if-it-returns-faberge-egg-to-russian-oligarch-1629764">iNews</a> reported the story first. Viktor Vekselberg acquired the very first Fabergé Egg – an elaborately decorated ornament – in 2004, according to <a href="https://www.theartnewspaper.com/2022/05/12/now-vandas-faberge-show-has-closed-what-will-happen-to-sanctioned-russian-oligarchs-golden-treasure">The Art Newspaper</a>. It was commissioned in 1885 by Tsar Alexander III for his wife and was on loan to the Victoria and Albert Museum in London as part of its <a href="https://www.theartnewspaper.com/2021/11/15/fabulous-faberge-returns-to-londons-vanda">Fabergé exhibition</a>.The egg is normally housed at the Fabergé Museum, which was opened by Vekselberg in St Petersburg, <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>, in 2013. However, he passed ownership of the egg to a Panamanian company.Vekselberg has been sanctioned by western countries, including the US, amid Russia's invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>. The Russian oligarch also owns a <a href="https://www.businessinsider.com/oligarch-yacht-could-be-sold-by-us-for-ukraine-aid-2022-4">$90 million superyacht</a>, which was the focus of attention when US President Joe Biden announced a plan to sell <a href="https://www.businessinsider.com/white-house-plan-sell-russian-oligarch-houses-yachts-help-ukraine-2022-4">Russian oligarchs' </a>houses and yachts to help support Ukraine.The Fabergé egg in question is made of solid gold and enamel, and stands just over two inches tall, per the Art Newspaper. Its two halves can be opened to reveal a golden yolk, the publication added.Insider reached out to the Fabergé Museum and the Victoria and Albert Museum for comment but did not immediately receive a response.Tom Keatinge, the director of financial-crime and security studies at the Royal United Services Institute, told iNews: "When people think about sanctions normally, they think about bank accounts being frozen, and other financial things. Everyone is very focused on yachts, but plenty of people in other industries probably don't realize that those sanctions apply to them as much as Barclays."He added that the gallery could potentially breach the sanctions imposed by the government should it return the egg to its owner. He said, however: "If you break it down, whether it's an egg or a yacht or a house, it can be an asset of a sanctioned person. Be it a port, estate agent, or museum, they all have the same obligations."A spokesperson of the London gallery told iNews: "The object is on loan from the <keyword id="13940442" type="UNKNOWN" weightage="60" keywordseo="faberge" source="Orion">Faberge</keyword> Museum/Link of Times Foundation and the loan agreement was made directly between two cultural organizations – the V&amp;A and Link of Times Foundation."They added: "For security reasons, we are not able to provide details of arrangements for individual loans. Now the exhibition has closed we are working with DCMS (The Department for Digital, Culture, Media and Sport) and the lenders to ensure the safe return of the objects, as required under the terms of the loan agreements."

A museum could be in breach of sanctions if it returns a Fabergé Egg to its Russian oligarch owner

<ul class="summary-list"><li>King Charles has inherited the Duchy of Lancaster estate valued at more than $750 million.</li><li>He will not have to pay inheritance tax on the estate due to a rule approved in 1993.</li></ul> King Charles will not have to pay inheritance tax on the Duchy of Lancaster estate he inherited from the Queen due to a rule allowing assets to be passed from one sovereign to another. Charles automatically inherited the estate, the monarch's primary source of income, while his eldest son, <a href="https://www.businessinsider.com/prince-william-inherits-british-property-estate-worth-over-1-billion-2022-9?r=US&amp;IR=T">Prince William, inherited the Duchy of Cornwall estate</a> - valued at more than $1 billion - from his father. The new king will avoid inheritance tax on the estate worth more than $750 million due to a rule <a href="https://api.parliament.uk/historic-hansard/commons/1993/feb/11/royal-taxation">introduced</a> by the UK government in 1993 to guard against the royal family's assets being wiped out if two monarchs were to die in a short period of time, <a href="https://inews.co.uk/news/queen-wealth-what-happens-fortunte-charles-inherits-private-estate-1845657">i News</a> reported.The provision was first exercised in 2002 when the Queen Mother passed on an estate worth about $80 million to the Queen including a collection of Faberge eggs. The clause means that, to help protect its assets, members of the royal family do not have to pay the 40% levy on property valued at more than £325,000 ($377,000) that non-royal UK residents do.The Lancaster estate generated revenue of £24 million ($27 million) last year, its <a href="https://www.duchyoflancaster.co.uk/financial/">financial records</a> state, and the King is now entitled to its income.It had assets worth more than £650 million ($754 million) at the end of March this year, the duchy's website <a href="https://www.duchyoflancaster.co.uk/financial/">states</a>. A law passed in 1702 forbids the monarch from selling any of the assets.The Queen began voluntarily paying income and capital gains tax on the estate in 1993 and Charles may decide to follow suit. The Duchy of Lancaster estate, founded in the 13th century, consists of "commercial, agricultural and residential" properties, including a portfolio of financial investments, according to its <a href="https://www.duchyoflancaster.co.uk/about-the-duchy/">website</a>.Its five rural units, or Surveys, cover about 18,000 hectares of land in England and Wales.The Foreshore Survey covers about 36,000 hectares (one hectare is equal to about two and a half acres) from the river Mersey, on which the city of Liverpool is built, to Barrow-in-Furness in the north of England. It also consists of the Minerals Survey, comprising limestone and sandstone quarries from south Wales to North Yorkshire.However, most of its income comes from the Urban Survey, which includes extensive commercial property interests in central London such as the Savoy Hotel. <div type="image" title="The Savoy Hotel is owned by the Duchy of Lancaster." height="683" width="910" msid="94135815" hostid="261"></div>The <a href="https://www.insider.com/royal-family-property-homes-2018-6#buckingham-palace-london-england-1">Balmoral and Sandringham residences</a> are owned by the royal family, while most of the other properties they use including Buckingham Palace and Windsor Castle are part of the <a href="https://www.thecrownestate.co.uk/">Crown Estate</a>. The Duchy of Lancaster was contacted for comment.

King Charles doesn't have to pay inheritance tax on the Queen's private estate worth more than $750 million

<ul class="summary-list"><li><keyword id="11930965" type="UNKNOWN" weightage="60" keywordseo="rome" source="Orion">Rome</keyword> is filled with well-known bucket-list sights for tourists, but also many lesser-known hidden gems.</li><li>These are the places you won't find in most guidebooks, but shouldn't miss either.</li></ul>Rome has a lot happening, so settling on the "best, must-do things" can be daunting. It's OK to embrace the bucket list, especially when that list includes a UNESCO World Heritage site historic center, one of the most important ancient arenas in the world, and one of the best art collections. You don't need me to tell you to go to the Pantheon or the Colosseum. And you absolutely should. But as a local who has lived here for 20 years, after you see those, I want you to do more. I want you to see my favorite under-the-radar sites for a true taste of the city that you won't find in most major guidebooks.Some days, I love searching for all of the Raphael artworks in the city; other days, I want to fangirl arte povera. If I'm hanging out with my <a href="http://www.dariusaryadigs.com" target="_blank" rel="nofollow noopener sponsored">husband, an intrepid archaeologist</a>, I know that we'll go back in time, and possibly underground. For us, Rome is eternal because it is a never-ending story, and there are so many ways to hear its tale.Whether you're here to step back into antiquity or walk to the future, here are my favorite things to will fully immerse yourself in Rome.<h3>Rome With a View</h3><div type="image" title="A white building with columns and a statue of a soldier on a horse with sunset and darkening blue sky" height="3556" width="4742" msid="91290380" hostid="261"></div>Altare della PaceFor a few years now, I've celebrated my birthday at <a href="http://www.instagram.com/vivevittorianopalazzovenezia" target="_blank" rel="nofollow noopener sponsored">Terrazza delle Quadrighe</a>, a 360-degree panoramic terrace atop the white mega monument, Altare della Pace. I'd hold out my arms à la Rose in "Titanic," taking in the entire city and its history, from the ancient Roman Forum to the shops on Via del Corso. Then I head down to Campidoglio (Michelangelo's piazza) and watch the sunset drip pinks all over the city's rooftops and into the Roman Forum. <div type="image" title="View of buildings in Rome cast in sunlight and a light blue sky" height="2868" width="3824" msid="91290381" hostid="261"></div>Janiculum HillWhen I want nostalgia, I'll head to the Janiculum hill, with its sweeping views of the city. This is where everyone in high school cuddles up. At my age, I'd rather culture up, so I walk over to Bramante's tiny church and then make my way to the Fontanone (a monumental Baroque fountain) with another great view.<div type="image" title="A brown building with green bushes and blue sky in background. Building looks like ancient architectural site" height="4015" width="5354" msid="91290382" hostid="261"></div>Domus Aurea For me, there is no better view than from the Colle Opio, the hill that overlooks the Colosseum, because it encapsulates Rome. It includes a verdant park where the Colosseum serves as a backdrop to a skate park, and underneath is the <a href="https://www.coopculture.it/en/poi/domus-aurea/" target="_blank" rel="nofollow noopener sponsored">Domus Aurea archaeological site</a>, Nero's Golden Palace.<h3>Ancient Rome</h3><div type="image" title="View of two bicyclists riding toward camera while four bicyclists pedal away from camera with grass and tall trees surrounding bike trail" height="3389" width="4519" msid="91290383" hostid="261"></div>Via Appia AnticaTo really love ancient Rome, I always say you have to get out on a bike. Go to the <a href="http://www.museodellemuraroma.it" target="_blank" rel="nofollow noopener sponsored">Museo delle Mura</a>, a museum located inside the Porta San Sebastian, which is the entry gate of the ancient Aurelian walls. I like to stand on the rooftop of its bastion, and imagine looking out for invading armies. It's also a great starting point for a bike ride on the Via Appia Antica, the empire's oldest road, lined with ancient tombs and bordered by sheep-trolling pastures. <div type="image" title="A statue of a figure with an open mouth and angry eyes in a stone structure" height="3648" width="4864" msid="91290385" hostid="261"></div>Ostia AnticaWhen I want to get a sense of Rome's unparalleled urban planning, I'll hop a local train to <a href="https://www.ostiaantica.beniculturali.it/it/orari-e-tariffe/" target="_blank" rel="nofollow noopener sponsored">Ostia Antica</a>, the port city of ancient Rome. Some consider the archaeological park akin to Pompeii; I think it's better because more structures are preserved and you can walk through all of them.<h3>Renaissance and Baroque Rome</h3><div type="image" title="Baroque-period staircase and tan building of the Barberini Palace cast in sun and shadow" height="4001" width="5335" msid="91290386" hostid="261"></div>Galleria Barberini, Galleria Colonna, and Galleria Doria PamphiljEverybody loves a great art collection, and Rome has several epic private family galleries that will give you a glimpse into the lavish lives of Roman nobility in their incredible homes. My favorite three are <a href="https://www.barberinicorsini.org/en/" target="_blank" rel="nofollow noopener sponsored">Galleria Barberini</a>, <a href="https://www.galleriacolonna.it/en/" target="_blank" rel="nofollow noopener sponsored">Galleria Colonna</a>, and <a href="https://www.doriapamphilj.it/en/rome/" target="_blank" rel="nofollow noopener sponsored">Galleria Doria Pamphilj</a>, all located in Baroque palaces. <div type="image" title="Renaissance-era paintings in rooms with columns and tile floor" height="2060" width="2746" msid="91290388" hostid="261"></div>Villa FarnesinaTo experience the charm and beauty of Renaissance frescoes, I walk over to Trastevere's <a href="http://www.villafarnesina.it" target="_blank" rel="nofollow noopener sponsored">Villa Farnesina</a>, a tiny Renaissance villa built by Alessandro Chigi in the 1510s. Chigi commissioned a dream team of artists to create and decorate it. It's like a Faberge egg of Raphael, Il Sodoma, and Peruzzi. And it's totally palatable for kids.<div type="image" title="A view from across a pond of Temple of Esculapio, a structure with white columns surrounded by two large trees and blue sky" height="2666" width="3555" msid="91290390" hostid="261"></div>Villa BorgheseIf you're Roman, you grew up walking around <a href="http://www.museocanonica.it/en/sede/villa_borghese" target="_blank" rel="nofollow noopener sponsored">Villa Borghese,</a> the city's large, green expanse that has a smorgasbord of activities (biking, walking, boating, skating, even a Globe theater and tiny cinema). What I've noticed is that everyone tends to overlook the museums in the park (except for <a href="https://galleriaborghese.beniculturali.it" target="_blank" rel="nofollow noopener sponsored">Galleria Borghese</a> and its collection of Carvaggio paintings and Bernini sculpture). If you're like me and love quirky museums, head to <a href="http://www.museocanonica.it/en/informazioni_pratiche/orari_e_indirizzi" target="_blank" rel="nofollow noopener sponsored">Museo Pietro Canonica</a> for its larger-than-life statues, or catch up on Etruscan history at <a href="https://www.museoetru.it" target="_blank" rel="nofollow noopener sponsored">Villa Giulia</a>.<h3>Modern Rome</h3><div type="image" title="White building with archways and statues of Roman figures inside and person walking past structure. The person is about 1/3 of the size of one of the statues" height="3548" width="4730" msid="91290391" hostid="261"></div>EURMost people ignore the modern history of Rome, and that's a mistake. The oddly anachronistic neighborhood EUR is the best example of modern Italian architecture from the 1930s and '40s. About 15 minutes south of the center, EUR was designed to promote Rationalist architecture (and the Fascist agenda) for the 1942 World's Fair. Beautiful and axially planned streets are flanked by minimalist buildings, inspired by Roman classical and Renaissance styles. <div type="image" title="A black sculpture of a face, nose up, rising from the ground with a yellow and black crown and grass and green trees surrounding area" height="1332" width="1776" msid="91290393" hostid="261"></div>Cinecittà<a href="https://cinecitta.com/IT/it-it/cms/1/cinecitta-home.aspx" target="_blank" rel="nofollow noopener sponsored">Cinecittà</a> has been called "Hollywood on the Tiber," but it's more than that. The enormous studio complex where some of the most acclaimed films in history were made was and is a melting pot of creativity and artistry. For the director Federico Fellini, it was home. The sound stages are active with production, and there are great museums to visit on the history of Italian cinema and more. I like to take the VIP tour and drive around the historic film studios and sets and feel as if I'm in ancient Rome. <div type="image" title="Two people stand in front of painting of people kneeling and lying down and peasants along perimeter" height="3313" width="4418" msid="91290394" hostid="261"></div>La Galleria NazionaleIf anyone were to ask me for my happy place in Rome, I'll gladly tell them it's <a href="https://lagallerianazionale.com/" target="_blank" rel="nofollow noopener sponsored">La Galleria Nazionale</a>, a gorgeous neoclassical building on the edge of Villa Borghese. It's home to the very best of Italian art from the 1870 unification to today. Coming here is like receiving a visual history lesson in art, from neoclassicism to arte povera, conceptual art, and more.<div type="image" title="Street art of a woman with black hair and red dress and tattoo on shoulder and red circle in background. The house this is painted on is bright yellow" height="3124" width="4165" msid="91290395" hostid="261"></div>Quadraro and Torpignattara's Street ArtFor a 21st-century take on art, Quadraro and Torpignattara's street-art scene serves as a canvas for beautiful murals, stencils, and more, painted by acclaimed artists from <keyword id="11905554" type="UNKNOWN" weightage="60" keywordseo="italy" source="Orion">Italy</keyword> and around the world. Quadraro and Torpignattara are also "newer" neighborhoods, built post-unification (1870), and are mainly devoid of tourists. In other words, walking around here will feel like a breath of fresh air.<div type="image" title="Stadio Olimpico venue with white building and trees surrounding area" height="3588" width="4784" msid="91290396" hostid="261"></div>Stadio OlimpicoFinally, you wouldn't be in Rome without a visit to the Stadio Olimpico, to catch an <a href="https://www.asroma.com/en/schedule#select_schedule=0" target="_blank" rel="nofollow noopener sponsored">AS Roma game</a> (sit in the Tribuna seats) and get swept up with the amore of the fans or simply walk around the area to search for traces of Mussolini's audacious self-promotion that's still visible on its walls.<a href="https://www.insider.com/everything-you-need-to-know-about-traveling-to-rome-italy" target="_blank" rel="noopener">View Insider's comprehensive guide to visiting Rome, Italy.</a>

I live in Rome and these are my 13 secret things to do that most tourists miss, including where you'll find the best views of the city

<ul class="summary-list"><li>The US seized a Russian oligarch's superyacht for the first time this week.</li><li>The process of civil asset forfeiture lets the <keyword id="11897354" type="UNKNOWN" weightage="60" keywordseo="justice-department" source="Orion">Justice Department</keyword> sue objects and take them.</li></ul>On Monday, US federal agents, working with Spanish authorities, <a href="https://www.businessinsider.com/us-seizes-first-russian-oligarch-yacht-spain-after-sanctions-report-2022-4">seized</a> a 255-foot, <a href="https://www.forbes.com/sites/giacomotognini/2022/03/01/biden-and-allies-are-coming-for-russian-billionaires-yachts-forbes-tracked-down-37-heres-where-to-find-them/?sh=258a818e4837">$90 million</a> superyacht belonging to <keyword id="13544421" type="UNKNOWN" weightage="60" keywordseo="viktor-vekselberg" source="Orion">Viktor Vekselberg</keyword>, a billionaire and ally of Russian President Vladimir Putin.The seizure was part of <a href="https://www.justice.gov/opa/pr/us-departments-justice-and-treasury-launch-multilateral-russian-oligarch-task-force">"Operation KleptoCapture,"</a> the US Justice Department <a href="https://www.justice.gov/usao-dc/pr/90-million-yacht-sanctioned-russian-oligarch-viktor-vekselberg-seized-spain-request">announced</a>. Working <a href="https://home.treasury.gov/news/press-releases/jy0659">with the Treasury Department and allied countries</a>, prosecutors are investigating and prosecuting <keyword id="13281691" type="UNKNOWN" weightage="60" keywordseo="oligarchs" source="Orion">oligarchs</keyword> who break laws connected to new US sanctions following <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.For weeks, countries like France, the United Kingdom, and Italy <a href="https://www.businessinsider.com/russian-oligarchs-seized-superyachts-may-become-environmental-hazard-experts-2022-3">have made showy yacht seizures</a>, raiding them for computers and closing them off as their suspected oligarch owners are slapped with sanctions.In the United States, seizing a yacht is a little less straightforward.First, you must sue the yacht.<h2>The United States vs. a yacht</h2>The seizure of Vekselberg's yacht, named the Tango, was part of a process called civil asset forfeiture.Prosecutors determine that some property — in this case, a yacht, but it could be something like a pile of cash, a car, or a house — was instrumental in illegal activity or was purchased from the profit of a crime. Prosecutors then ask a judge to sign a warrant for a seizure, which permits them to take it.Civil asset forfeiture is an especially useful legal instrument for when prosecutors want to go after people living in other countries. If a criminal case were filed against a foreigner, they can simply stay out of the US or countries with US extradition treaties.Criminal asset forfeiture can only be used upon a conviction. And if a person can't stand trial, they can't be convicted.So, we have civil asset forfeiture.The rationale for seizing Vekselberg's yacht was laid out <a href="https://www.justice.gov/usao-dc/press-release/file/1490141/download">in court documents</a> made public Monday and reviewed by Insider. The yacht itself is a defendant in the case, titled "In the matter of the seizure of the motor yacht Tango, with <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international" source="Orion">International</keyword> Maritime Organization Number 1010703." If Vekselberg wants his yacht back, he'll come into the case as a claimant — not a defendant.<div type="image" title="Viktor Vekselberg Vladimir Putin" height="1767" width="2357" msid="90692368" hostid="261"></div>An FBI affidavit filed to court said the Tango was at the center of a bank fraud and money laundering conspiracy. Prosecutors accused Vekselberg and unnamed co-conspirators of structuring payments regarding the boat in a way that obscured the oligarch's ownership, thereby avoiding transaction reporting requirements."Bank records received by law enforcement show that, prior to being sanctioned by the Treasury Department, Vekselberg made U.S. dollar payments from accounts in his own name to Arinter and its managers," the FBI agent wrote, referring to a holding entity for the yacht. "These payments are consistent with Vekselberg being the true owner of the TANGO."The US has had sanctions against the <a href="https://www.businessinsider.com/yacht-seizure-billionaire-russia-oligarch-putin-ukraine-mueller-trump-cohen-2022-4">Ukraine-born Vekselberg</a> and his company, the Moscow-based Renova Group, since 2018.But the Constitution's Fourth Amendment doesn't allow the US government to take things belonging to oligarchs just by putting them on a sanctions list.What Operation KleptoCapture does, according to Duncan Levin, a former prosecutor specializing in money laundering and asset forfeiture cases, is train the Justice Department's resources toward sanctioned oligarchs who may have disguised their forbidden financial transactions."It is not illegal to be an oligarch," Levin, an attorney at Tucker Levin PLLC, told Insider. "It is illegal to commit crimes, including some that take place outside the United States."Fortunately for prosecutors investigating Russian oligarchs, money laundering gives "a lot of wiggle room" for the types of assets that can be seized in connection to the alleged crime, according to Sarah Krissoff, a former federal prosecutor overseeing complex financial investigations.<div type="image" title="a very large yacht named Tango is docked at port with sailboat masts and trees behind it" height="2126" width="3593" msid="90692371" hostid="261"></div>"The statutes are pretty vast," Krissoff, an attorney at Day Pitney, told Insider. "That's definitely where I would work if I was a prosecutor and trying to get at some of these assets."<h2>Your tax dollars will pay for the yacht's upkeep</h2>So, how does one seize a yacht?In the case of the Tango, which is docked in Palma de Mallorca, US authorities asked Spanish authorities for help. <a href="https://twitter.com/JayShams/status/1511060051460558850">A video </a><a href="https://twitter.com/JayShams/status/1511060051460558850">the Justice Department </a><a href="https://twitter.com/JayShams/status/1511060051460558850">published</a> shows agents from the FBI, Department of Homeland Security, and Spain's interior ministry boarding the yacht and entering the control room.When the federal government seizes something, <a href="https://www.justice.gov/criminal-afmls/file/839521/download">it goes under the control of the US Marshals Service</a>. They're in charge of making sure the property is kept in good condition. For the Tango, they have <a href="https://www.yachtcharterfleet.com/luxury-charter-yacht-25052/tango.htm">a gym, elevator, beach club, and beauty salon</a> to worry about."If there's something that has to be done, like make sure the property doesn't flood or make sure the water's turned off in the winter or something — that's the Marshals' responsibility," Krissoff told Insider. "So that can get very complicated for a yacht."The US Marshals Service has a huge network of private contractors they work with to take care of upkeep. For complicated assets like a plane, yacht, or artwork, it'll probably be a contractor doing the day-to-day work rather than actual marshals. Cars are often held in specialized lots, and boats may be placed in dry docks to make maintenance easier.<div type="image" title="viktor vekselberg tango yacht seizure" height="1666" width="2223" msid="90692373" hostid="261"></div>The Justice Department said in a statement Monday that the yacht is still in Palma de Mallorca. It might just stay there. Owners of seized assets, in many cases, may still be able to use them until litigation is complete. Prosecutors might just make an on-paper seizure with the intent of selling it down the line.It could take years for a forfeiture case to make its way through the courts, and the scope of the owner's use is often negotiated, Krissoff said. The court records for the Tango seizure are still sealed, and it's not clear if prosecutors have talked with Vekselberg (or his lawyers) about what they'll do with the yacht.All of the experts who spoke with Insider mentioned the saga of 650 Fifth Avenue, a Manhattan skyscraper.The US Attorney's office in Manhattan <a href="https://casetext.com/case/in-re-650-fifth-ave-2">tried to seize it in 2008</a>, alleging it was partly owned by a sanctioned Iranian bank. It took until 2017, when a jury agreed with the prosecutors' case, for the seizure to move forward — but the moves <a href="https://www.reuters.com/article/us-usa-iran-650-fifth-avenue/u-s-verdict-allowing-seizure-of-iran-linked-manhattan-skyscraper-is-overturned-idUSKCN1UZ1YL">were thwarted in 2019</a> when the jury verdict was overturned upon appeal.Having the US Marshals Service take care of a skyscraper for 11 years only to lose the case would have been a financial debacle. For something like a yacht, the Justice Department might allow Vekselberg to continue paying for the upkeep instead of the US government.<div type="image" title="vladimir putin viktor vekselberg sit across table with russian flag in background" height="1642" width="2190" msid="90692375" hostid="261"></div>In some cases, prosecutors can apply for "interlocutory sale," Levin said, where they'd sell the asset. It's an option they consider when properties are expensive to maintain or would diminish in value."They'd take the yacht, they'd sell it, and they'd hold the money in an escrow account," Levin said. "And then they'd seize the money in lieu of the yacht. And if they lost the case, they would give the money back."If that were to happen, whoever bought the yacht would get to keep it.<h2>Seizing a yacht may make a difference in Ukraine</h2>Vekselberg is worth $16.6 billion, <a href="https://www.bloomberg.com/billionaires/">according to Bloomberg</a>. A yacht worth an estimated $90 million, at the end of the day, is a little more than half a percentage point of his estimated net worth.According to Juan Zarate, who oversaw the George W. Bush administration's efforts to seize Saddam Hussein's assets, the new wave of sanctions is unlikely to have an immediate effect on the war in Ukraine. Seizing one of Putin's associate's <keyword id="12387568" type="UNKNOWN" weightage="60" keywordseo="yachts" source="Orion">yachts</keyword> isn't going to stop a bombing campaign.But the cumulative effect of sanctions — and the signal that the US is willing to go to great lengths to enforce them — can be "incredibly painful" in the long term, Zarate said."There's a mismatch of the expectations of what these kinds of cases can do in the short term versus what they do in the long term, which is to constrain the ability of these oligarchs to operate freely and comfortably, and the psychology around that," Zarate told Insider.Operation KleptoCapture comes amid calls to seize yachts, apartments, and other flashy luxuries flaunted by ultrawealthy Russian nationals believed to profit from the country's corruption.There's also the <a href="https://home.treasury.gov/news/press-releases/jy0663">REPO — short for Russian Elites, Proxies, and Oligarchs — task force</a> between the Justice and Treasury departments to enforce sanctions connected to the Ukraine invasion.<div type="image" title="viktor vekselberg tango yacht seizure" height="1666" width="2223" msid="90692377" hostid="261"></div>"Nothing's gonna be a silver bullet and nothing's gonna solve the problem with Putin wanting to invade a neighbor, but it is part of an effort to pressure and to isolate," Zarate said.According to the FBI affidavit, Vekselberg's Renova Group is complicit in "the threat posed by the actions and policies of certain persons who had undermined democratic processes and institutions in Ukraine; threatened the peace, security, stability, sovereignty, and territorial integrity of Ukraine; and contributed to the misappropriation of Ukraine's assets."The FBI affidavit accuses the company of other nefarious misdeeds. It says that Vekselberg and associates have been accused of using "armed soldiers and corrupted Russian court proceedings" to gain control of a Siberian oilfield, and plundered a bank to buy Faberge eggs, according to reports. Executives at his companies have been arrested on bribery charges, as well.The <a href="https://www.reuters.com/world/us-task-force-russian-oligarchs-sees-evidence-sanctions-evasion-unit-chief-2022-04-01/">selection of Andrew Adams</a> — an experienced corruption prosecutor who oversaw transnational crime, asset forfeiture, and money laundering at the US Attorney's office in Manhattan — to lead Operation KleptoCapture signals just how serious the US government is about going after oligarchs' assets, Krissoff said.Adams' team was famous for being "remarkably creative" in building forfeiture cases, something that will come in handy as the task force goes after everything from yachts to cryptocurrency, she said."They're used to looking at complicated ownership structures," Krissoff said. "They're used to situations where it's very muddy, how the asset was procured. They're used to finding creative ways for identifying ownership of the asset."

How to seize a Russian oligarch's superyacht

AT THE TRANG TIEN PLAZA shopping mall in Hanoi, Vietnam's capital, on some evenings a curious spectacle unfolds. Couples in wedding finery pose for photographs in front of illuminated shop windows, with Salvatore Ferragamo, Louis Vuitton and Gucci offering the sort of backdrop for romance more usually provided by the sea or the mountains.
The women are not wearing Ferragamo's Vara pumps, with their distinctive bows, or toting Vuitton's subtly monogrammed handbags. They cannot afford them.
Tran Van Cuon, who assembles mobile phones at a Samsung factory, posed with his fiancée in a brown suit and bow tie that cost him the equivalent of $150. Some day he hopes to become a customer in the mall. Until then, he will proudly display the photos in his home.
To stumble across an outpost of European luxury in a relatively poor and nominally socialist country is not all that surprising. Luxuries such as silk have travelled long distances for many centuries, and even modern luxury-goods makers have been pursuing wealth in new places for more than a century.
Georges Vuitton, son of Louis, the inventor of the world's most famous luggage, showed off the company's flat-topped trunks (better for stacking than traditional round-topped ones) at the Chicago World's Fair in 1893.
The oil-rich Middle East has been a magnet for expensive foreign trinkets since the 1960s. The Japanese became insatiable consumers in the 1970s. Today, two in five Japanese are thought to own a Vuitton product. And now it is China's turn to lap up luxury.
As luxury-goods sales have expanded geographically, they have also spread across the social scale. When Coco Chanel created her No. 5 perfume in the 1920s she reserved it for her best couture clients, but in the following decade she sold it in smaller bottles so that more women could afford it.
Cartier's "Les Must" jewellery in the 1970s put the brand within reach of consumers who could only yearn for Panthère necklaces and Tank watches. Many other brands followed Cartier's sortie du temple (descent from the temple), seeking to broaden their appeal while retaining their cachet. Not all succeeded.
Over the past 20 years the number of luxury-goods consumers worldwide has more than trebled to 330m, according to Bain &amp; Company, a consulting firm. Their spending on expensive jewellery, watches, clothing, handbags and so on has risen at double the rate of global GDP. Most of these new buyers are not the very rich but the merely prosperous, with incomes of up to EUR150,000 ($188,000). Shares of listed luxury companies have far outperformed those of other companies (see chart).

Consumers' rush to quality has created billionaires at a rate that Silicon Valley might envy, especially among the main shareholders of luxury conglomerates that have gathered together many of the best-known brands. They include Bernard Arnault, a French tycoon who controls LVMH, owner of Louis Vuitton, Moët &amp; Chandon champagne and a host of other brands, and his rival François-Henri Pinault, whose Kering group owns Gucci, a big Italian leather-goods maker.
Nick Hayek's Swatch Group and Johann Rupert's Richemont (Cartier's owner) are powerhouses in watches and jewellery. Among the owners who have made fortunes from selling stakes to investors in the past few years are Brunello Cucinelli, whose eponymous company makes casual-chic clothing at serious prices, and Remo Ruffini, a fellow Italian who floated Moncler, a maker of down jackets.
Personal luxury goods are just one small corner of this empire of opulence. Upmarket options can be found in industries from health care to banking, though most analysts leave such things out of their reckoning. Using consumers' own perception of what constitutes luxury goods and services, the Boston Consulting Group reckons that $1.8 trillion was spent on such items in 2012. The biggest category is travel, followed by cars and then personal luxury goods. Bain comes up with a smaller sum for a similar spread of sectors (see chart). But luxury's boundaries are fuzzy and hotly disputed.
This special report will concentrate on personal goods, which face the tricky task of trying to achieve global scale while maintaining the artisan roots that give them rarity appeal. Ultra-expensive cars will make only a brief appearance, and yachts will just sail by on the horizon: globally, only 14,000 people are able to afford a really big one. But the report will include such fast-growing "experiential" sectors as hotels and wine, which are growing faster than things to buy and own.
To view the world through the lens of luxury is to see it subtly altered. Some of the normal rules do not apply to luxury-goods makers, even though in many ways they are similar to other consumer-goods companies. The cost of production is not usually a prime concern and capital investment is generally modest, except for watches.

A really prestigious item can be a "Veblen good", named after an American economist born in the mid-19th century who noticed that demand for some goods actually rises as they get more expensive because they confer yet more status. And the margins even on lesser luxury goods are much better than on mass-market items.
Luxury companies like to set their own agenda. Their creative directors oversee both the development of new products and the way they are presented in magazines, shop windows and online. "We are not going to let people influence the vision," says Patrick Albaladejo, deputy managing director of Hermès, a French luxury house so august it claims not to have a marketing department.
Luxury companies often get the most attention for the things they sell least of. Karl Lagerfeld, Chanel's creative director, made headlines this year by sending his models down a catwalk decked out as a grocery shop. But "the bread and butter of the company are chemicals," explains Armando Branchini of the Altagamma Foundation, which represents Italian luxury firms. Luxury perfumes and cosmetics are thought to account for over half of Chanel's business.
Diageo, a big drinks company, has a "Reserve" division that gives special attention to its priciest tipples, such as Johnnie Walker Blue Label whisky. They are marketed through the patient cultivation of the coolest bars and influential "advocates". "You need to be a black belt in relationships when it's about luxury," says James Thompson, who runs the division.
Luxury's lens does odd things to the map as well. Europe is still the pre-eminent maker; its brands account for 70% of the world's luxury consumption. Germany matters in cars and yachts, but the real powerhouse is Italy, which serves as the workshop for French fashion and leather goods as well as its own.
Luxury is "one of the few industries where Europe has a sustainable competitive advantage", says Michael Ward, managing director of Harrods, a posh London department store. America is both an underexploited market, given its wealth, and a base for brash competitors such as Coach, Michael Kors and Kate Spade, which are challenging established European brands with a more affordable take on luxury. China, already a voracious consumer, is just beginning to stir as an exporter.

<h3>The pope doesn't wear Prada</h3>
Of late, though, the champagne has gone a bit flat. The war in Ukraine and the sanctions imposed on Russia in response have put off rich citizens of that country, among the giddiest new consumers. The Japanese went on a spree early this year ahead of a rise in value-added tax, then stopped spending.
The Ebola epidemic in Africa and pro-democracy protests in Hong Kong, where Chinese mainlanders do much of their shopping, have unnerved consumers. Most important, slower economic growth and the anti-corruption campaign mounted by Xi Jinping, China's leader, have dampened the spirits of Chinese shoppers, who now account for nearly a third of the global demand for personal luxury goods. The share prices of recently listed luxury companies have fallen by a quarter this year. After two decades when annual growth averaged nearly 6%, the rate this year will be just 2%, predict Bain and Altagamma.
These passing crises come on top of more profound changes. One of them is a shift from "having" to "being", especially in rich countries, where the well-off are becoming less keen on owning and more interested in experiencing things. Consumers in China are turning from monogrammed showiness to subtler elegance.
Younger people everywhere have their own ideas about how to consume luxury, helped by social media and e-commerce. Inequality is a growing concern from Berlin to Beijing. Last year a pope whose red shoes were widely (but wrongly) thought to have been made by Prada, an Italian fashion house, gave way to one who shuns the Apostolic Palace for a guesthouse. That captures the mood and contributes to it.
Sobriety has bypassed some sectors, including fine wine and expensive cars. Yacht sales, too, are buoyant again after a period in the doldrums in the late 2000s, and today's yachtsmen often add a helicopter or two to their order. But mostly substance is winning over style.
In some ways, today's preoccupation with sustainability plays into the hands of luxury-goods makers. With their ample margins, they can afford to reduce the environmental damage they cause. "Luxury can show the path that answers the major issues of our century," argues Marie-Claire Daveu, Kering's sustainability chief.
By and large, makers of luxury goods employ European workers rather than sweatshop serfs in Bangladesh. The key trend now, says Diageo's Mr Thompson, is "away from show for its own sake towards knowledge, appreciation, craft and heritage--something with a story."
Click <a href="https://subscriptions.economist.com/nwcd">here</a> to subscribe to The Economist

The Modern Luxury Industry Rests On A Paradox

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Reuters</div></div></div>Since the country's default, Argentina's Economy Minister, Axel Kicillof has only gained more power in President Cristina Fernandez de Kirchner's administration, according to reports from Argentine newspaper, <a href="http://www.lanacion.com.ar/1715411-el-gobierno-cruzado-por-divisiones-y-pases-de-facturas">La Nacion.</a>
It was he, say reports, who convinced the President not to listen to a group of private bankers trying to strike a deal with the hedge fund creditors whose lawsuit brought Argentina to its knees.
"Today Kicillof is the head of government. Cristina is the head of state," a source told La Nacion.
That leaves men like Cabinet Chief Jorge Capitanich and Central Bank Chair Juan Carlos Faberge - two men who were in favor of striking a deal - out in the cold.
And it leaves Kicillof - a Marxist economics professor who was instrumental in The Republic's controversial takeover of the Argentine subsidiary of Spanish energy company YPF - with more influence over the President.
The Twitterverse is even exploding with rumors of him running for President once Kirchner's term is over near the end of 2015.
This does not bode well for the continued, Court ordered negotiations between The Republic and the hedge fund creditors whose U.S. lawsuit set Argentina on the path to its second default in just over a decade. The creditors, known collectively as NML Capital, won a lawsuit ordering Argentina to pay them 100 cents on the dollar for sovereign bonds purchased after the country's last default.
Argentina had been refusing to pay NML because they would not take a 70 cent haircut on these bonds like over 90% of investors. NML sued Argentina for their money and won.
That should've been the end. But when a payment that should've included NML's money was not made on July 30th, <a href="http://www.businessinsider.com/argentina-default-2014-7">Argentina went into default.</a>
There is still time to set things right, but it's running out. Last week, Kicillof reportedly asked President Fernandez to reject the deal between NML and private bankers - who may have purchased NML's bonds - because it was "a scam with depositors 'savings'."
New York Judge Thomas Griesa is insisting that negotiations continue, though.
But the longer it these negotiations (or lack there of) take, the more precarious the situation on the ground in Argentina will become.
"If Argentina does not settle this event of default, within 60 days, it will trigger a "cross default clause" embedded in the bond agreements and, assuming bondholders can gather a group representing 25% of each issue, will require the acceleration of payments to the 93% of bondholders that took part in the 2005 and 2010 exchanges," wrote GrahamFisher analyst and debt expert Joshua Rosner in a report last week. "If this occurs, Argentina will almost immediately go from solvent to insolvent as the $29 billion dollars needed to meet these demands would wipe out its foreign reserves. While it is uncertain if this will happen, it does appear that exchange bondholders are already preparing to make these demands."
The country is already in a weak position. In January it devalued its currency's official rate by 19%, and since then the peso has fallen an additional 2.7% <a href="http://www.bloomberg.com/news/2014-08-04/argentine-default-sours-outlook-for-peso-as-talks-ordered.html">according to Bloomberg.</a> Meanwhile, its inflation rate continues to be the highest in Latin America after Venezuela<div class="KonaFilter image-container click-to-enlarge"><div class="image"><a title_source="GrahamFisher" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/53dfb6e3eab8ea761bdfd633-960/screen shot 2014-08-04 at 12.37.00 pm.png"></a>GrahamFisher</div></div>
Rosner fears that if negotiations remain at a stalemate, low levels of infrastructural investment, and "aggressive import export tax regimes" that have contributed to the Argentine economy's malaise will truly begin to cause pain.
"If Argentina continues on her current path," Rosner wrote, "it is likely that her next economic crisis will look frighteningly similar to the domestic debt crisis of 1989-1991. While few outside of Argentina remember that period and the broad suffering that it caused in the population, most Argentines remember the pain that resulted from July 1989's 54% currency devaluation, a 200% increase in public service rates, and the countless wage controls and price guidelines."
In the last few days, the Fernandez regime has voiced many concerns - that the NML will try to force The Republic to sign a bad deal, that The Court's mediator is friendly with NML's lawyers, that Argentina is being singled out for bullying in the international community...
One Argentine Judge even discounted the U.S. Court's ruling entirely, saying that Judge Thomas Griesa was a lower level municipal Judge (never mind that the Supreme Court upheld his order). He suggested The Republic start new lawsuit accusing NML<a href="http://www.lanacion.com.ar/1715426-raul-zaffaroni-griesa-es-un-juez-casi-municipal-de-trocha-muy-angosta"> of extortion and bribing the Court.</a>
In other words, the regime does not sound concerned about an impending economic collapse.
Lets hope one doesn't catch them by surprise.

The Most Dangerous Politician In Latin America Has Only Become More Powerful

<div class="KonaFilter image-container float_right click-to-enlarge"><div class="image on-image"><a title_source="Flickr/University of the Fraser Valley" title_caption="The words " work="" and="" fun="" shouldnt="" be="" antonymous.="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5452b317eab8ea9d5cc360e1-960/laugh-6.jpg"></a><a href="https://www.flickr.com/photos/ufv/13891349031">Flickr/University of the Fraser Valley</a>The words "work" and "fun" shouldn't be antonymous.</div></div>The words "work" and "fun" shouldn't be antonymous. But for so many people, they are.
"It is so important to have fun at work," says Laura Brounstein, the special projects director for <a href="http://www.cosmopolitan.com/">Cosmopolitan magazine</a>, who is currently planning Cosmo's 2014 "Fun Fearless Life Weekend" event. "Anything you enjoy, you're naturally going to do a better job with and give more of yourself to, so making your job something you look forward to, rather than simply a responsibility, is essential."
She says if you're lucky enough to find something you're good at and love doing, you're less likely to think of it as "just work."
"The successful men and women I get to talk to as part of my job have in common that they enjoy what they do," she explains. "That's not to say every day is a load of laughs from beginning to end, but that they derive enough happiness and satisfaction from their roles overall to see them through the tougher moments. If you enjoy what you do, even the longest days don't seem so rough."
Brounstein says Spanx creator Sara Blakely, model Chrissy Teigen, and singer Kelly Osbourne are just three of the successful women who will be speaking at the "<a href="http://www.funfearlesslife.com/">Fun Fearless Life Weekend</a>" event at Lincoln Center in New York City this November. One thing they may touch on: "the fact that having fun and kicking ass at work are not mutually exclusive."
"The more connected and engaged you feel by what you do, the more fun you'll have doing it," she adds. "With help from our amazing partners, like Maybelline New York and Express, I think anyone who attends the event will leave feeling more equipped to do this."
Brounstein shared with Business Insider eight tips for making work more fun.
They are:
1. Create "happiness-boosting traditions" with your coworkers.
This can be anything, really.
"I admit, one of my vices is my afternoon Diet Coke," Brounstein says. "I know some of my friends at the office share this, so every once in awhile, when we're hitting the vending machine, we buy an extra and gift it to each other. Few things make me smile more after an annoying meeting than coming back to my desk and finding a frosty, delicious Diet Coke there with a note from one of them."
2. Take a few minutes every day to get up and walk around.
"Even when you're crazed, taking a few minutes to get up and out of your chair clears your mind and makes you more ready for the next task. And, it's been <a href="http://news.stanford.edu/news/2014/april/walking-vs-sitting-042414.html">proven to boost creativity</a>," she says.
If you can get out of the office for a bit, that's even better. "When my colleague Sara and I have something complicated to discuss, often one of us will suggest taking a walk to Starbucks to talk about it. The hit of fresh air, the promise of caffeinated goodness, and a foray with a friend make any conversation more palatable."
3. Make your workspace a place you enjoy being.
Decorate your office or cube. "Why not stick a picture from a recent vacation on your cube's walls or put a memento on your desk? A friend brought me back a gorgeous faux Faberge egg from a trip to Russia that I keep on my desk and every time I see it, I smile," she says.
Another suggestion: keep any cards, thank-you notes, and emails from coworkers or clients that made you smile, and pin them to a cork board or wall of your cube.
"A friend's excited response when the interview our Executive Editor Leslie Yazel and I did with Jill Abramson went live always reminds me that I like what I do and my friends appreciate it," she says.
<div class="KonaFilter image-container float_left click-to-enlarge"><div class="image on-image"><a title_source="Courtesy of Laura Brounstein" title_caption="Laura Brounstein, the special projects director for Cosmopolitan magazine, who is currently planning Cosmo's 2014 " Fun="" Fearless="" Life="" Weekend="" event.="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5453a066ecad048c6dbe0243-960/laura-brounstein.jpg"></a>Courtesy of Laura BrounsteinLaura Brounstein, the special projects director for Cosmopolitan magazine, who is currently planning Cosmo's 2014 "Fun Fearless Life Weekend" event.</div></div>
4. Laugh.
Work doesn't have to be all business, all the time.
Of course you need to maintain your professionalism - but that doesn't mean you can't crack a smile (or a joke). When you smile and laugh, others around you will do the same (it's contagious!) and your office will be an all-around happier place to be. 
"My podmate, Katie, and I spend the day sharing with each other anything we're reading or seeing that's funny," Brounstein says. "We have a good sense of when the other is too deep in concentration to be bothered, but otherwise, hearing something she got a kick out of makes my day brighter."
5. Compliment someone every day.
When a coworker tells you they liked the idea you pitched in the morning meeting, or the new painting you put up in your office, it makes you feel good. So, you should do the same to others.
You'll actually feel just as good giving the compliment as you do receiving it. 
6. Check in with your colleagues and your network. 
Walking over to a coworker's desk to "check in" or sending out emails to friends just to say "hi" and ask how they're doing can brighten up your day significantly.
7. Be appreciative.
"One of the women I work with, Diandra, is always willing to go the extra step, and I try to let her know how meaningful that is," says Brounstein. "And she does the same, which makes any workday better."
8. Create or join an office team or club.
If your company has a softball team or a baking club, join. It's not only a great way to bond with your coworkers, but it'll give you something to look forward to, and something to talk about with your peers at work.
If your company doesn't have any teams or clubs, look into creating one.
"Work is not always going to be too fun," Brounstein says. "But if you're conscientious and keep responsibilities and deadlines top of mind, any fun you can infuse into your day is only going to make you more productive and engaged by what you're doing."

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