France’s Ministry Of Finance Clarifies Position On Movies Funded By Sanctioned Russian Oligarchs After Roman Abramovich-Backed Pic Debuts In Cannes

deadline.com:

EXCLUSIVE: As Roman Abramovich-backed Tchaikovsky’s Wife unspools this week at the Cannes Film Festival, the French Ministry of Economy and Finance has clarified its position regarding movies backed by sanctioned oligarchs.While the ministry said it couldn’t discuss specific cases or investigations, it told us: “It’s possible that the royalties brought in by a film can be frozen if the company that produced it is located in France or in a country of the European Union.”The ministry added: “According to the law, the assets of Russian people under European sanctions are not taken but frozen.

It means they still own their assets but can’t dispose freely of them (in order, for example, to sell them, to rent or get any economic benefits from them).

They can be seized only if they try to break the law (for example, trying to get a ship moored in a European port to leave).”Cannes Competition entry Tchaikovsky’s Wife, the drama made by Russian dissident Kirill Serebrennikov before the invasion of Ukraine, is a European co-production whose financiers include Abramovich, as well as French and Swiss entities.

The film is produced by arthouse champion Ilya Stewart (Petrov’s Flu), a Russian-Australian producer who now lives in France.We understand any royalties frozen by the French government on this project — and you have to wonder whether they would consider this worth their while given the large sums and assets they have concentrated on so far — would only relate to the investment made by Abramovich’s Kinoprime fund.