What happened
Russian businessman Oleg Nasobin and his wife Irina served a notice of dispute on Italy under the 1996 bilateral investment treaty over the confiscation in 2024 of a painting worth €107M, which they believe to be a self-portrait by Benvenuto Cellini. The Italian authorities deny the work’s authenticity, maintaining that the portrait was created after 1706 and altered in the 19th century, and criminal proceedings have been brought against the couple. The Nasobins point to errors in the expert reports and to procedural violations, and they seek the value of the painting, compensation for damage caused in storage, the return of the work itself, and lost profits. Peter & Kim represents the claimants in Geneva.
Why it is notable
A rare investment dispute, unrelated to sanctions, between Russian private individuals and an EU state in which the subject of the investment is a work of art.