Russia outsmarts Western sanctions—and China is paying attention

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.