Nazem Ahmad, an art collector and financier, who owns work by Andy Warhol and Pablo Picasso, has been under American sanctions since 2019. That may sound like a problem, but it has not stopped him from smuggling half a billion or so dollars for Hizbullah, a Lebanese militant group, according to America’s Treasury. He moves art, cash and gems across borders via galleries in the Ivory Coast, family offices in the UAE and portfolio firms in Hong Kong. His financial tapestry is underpinned by bank accounts in America.

       All of this displeases Western policymakers, who are trying to make sanctions more stringent. Mr Ahmad is one of several magnates on whom sanctions have been adjusted. The EU’s 13th wave of measures against Russia, agreed on February 21st, will punish Chinese and Indian firms for supplying Vladimir Putin with weaponry and other banned goods. President Joe Biden has announced that foreign banks settling payments for such goods could be next, and is planning more sanctions on Russia after the death of Alexei Navalny, an opposition politician, on February 16th. In recent years measures have been applied to everyone from Houthis holding up Red Sea traffic to Israeli settlers building illegally in the West Bank and companies helping strengthen China’s armed forces.

       Hi! You're reading a premium article! Subscribe now to continue reading Subscribe now Already subscribed? Login

       Premium benefits

       35+ Premium articles every day

       Specially curated Newsletters every day

       Access to 15+ Print edition articles every day

       Subscriber only webinar by specialist journalists

       E Paper, Archives, select The Wall Street Journal & The Economist articles

       Access to Subscriber only specials : Infographics I Podcasts

       Unlock 35+ well researched

       premium articles every day

       Access to global insights with

       100+ exclusive articles from

       international publications

       Get complimentary access to

       3+ investment based apps

       TRENDLYNE Get One Month GuruQ plan at Rs 1

       FINOLOGY Free finology subscription for 1 month.

       SMALLCASE 20% off on all smallcases

       5+ subscriber only newsletters

       specially curated by the experts

       Free access to e-paper and

       WhatsApp updates

       Not convinced yet?

       Share your contact details and

       we will get in touch with you…

       = 48 && event.charCode Confirm

       Thanks for sharing your number