The answer appears to be that, unless the situation escalates, the Russian art market is maintaining its upward trajectory as usual.  Should Russia continue its expansion into other areas other than the Crimea or should the US impose more meaningful sanctions on Russia then the art market will indeed suffer.   Those with business interests in
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  The leading avant-garde art historian Yelena Basner has been detained in Moscow over a problem with an alleged fake painting ‘At restaurant’ by Boris Grigoriev.  Reputedly this painting was bought by the St Petersburg collector Andrew Vasilyev for US$250,000 on the advice of Basner but turned out to be a fake.  Basner now consults
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    2014 is the official UK-Russian Year of cultural exchange, an initiative signed by William Hague and his Russian counterpart Sergei Lavrov in March 2013.  Despite some diplomatic tensions over the last few years over 500,000 Russians have made England their home citing reasons such as safety, good schools, mild climate and sea air.
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According to Colin Gleadell in the Luxury section of London’s Telegraph newspaper Russian buyers were out in force at the recent Old Master sales at Christie’s and Sotheby’s in London.  Russian buyers have mainly stuck to Russian art over the last 2o years but it may that they are finally starting to persue other art categories
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2014 has been declared the UK-Russia year of Culture in a joint statement signed in March 2013 by Foreign Secretary William Hague and Foreign Minister Sergei Lavrov.  Exhibitions will include Russian Avant-Garde at the V&A, Malevich at the Tate Modern and Victor Popkov at Somerset House.  The Moscow Philharmonic Orchestra will perform at Cadogan Hall,
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  Russian art and culture, the popular and successful on-line magazine and website established by the charming and energetic Theadora Clarke, has just published its useful guide to the forthcoming Russian art week in London when dealers and galleries get together to exhibit their best selection of Russian art.  This year is of particular interest
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The round-the-world tour of paintings prior to auction in London or New York is becoming an increasingly common undertaking for the major auctions despite the rising cost of shipping and insurance. The Moscow Times reports below on paintings being sent to Moscow in November prior to their auction over the Christmas season:- International Auction Houses
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  Moscow Times 17 September 2013 | Issue 5215 By D. Garrison Golubock   Art Moscow Viewers examined works presented by a number of prominent Moscow galleries at last year’s Art Moscow fair. When the Art Moscow fair first opened 17 years ago, it was truly a one of a kind event, a fair intended to bring together foreign and Russian galleries,
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Maria Baibakova, Russia’s art world ‘It Girl’, continues to make waves both sides of the Atlantic.  She graduated with an MBA from Harvard Business School, no less, in May having taken 2 years out to complete it.  After completing her Masters at the Courtauld she brilliantly summed up the the marxist atmosphere that has existed
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  Russian art week was a success after a buying spree that broke several previous records with pounds 50m changing hands, the highest auction turnover since before the credit crunch recession. Dealers also reported good trade behind the scenes.  The bi-annual event saw Mayfair overflowing with Russians as they flew in from the four corners
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