Prince Felix Yusupov, known for killing Rasputin, along with his wife Irina, granddaughter of Emperor Alexander III, decided to go to America to sell diamonds, black pearls, and other jewelry. The Yusupovs had almost nothing left from their vast fortunes.

"In November 1923, we boarded the steamship 'Berengaria' with our family diamonds and valuables, heading to New York," he wrote in his memoirs, reminiscent of an adventure novel.

At that time, he faced regulatory risk in managing family assets. Everyone knows that you must first consider the law and then act, but he seemed to have forgotten about that.

The Yusupovs arrived at their destination without incident, but they were not allowed to disembark because "according to American laws, murderers are prohibited from entering the country." "I had to explain to the officials for a long time that I am not a professional killer. Finally, everything was settled. But not quite. Upon disembarking, we learned that our jewels had been confiscated by customs."

Nevertheless, New York lay ahead, its lights beckoning, and Prince and Princess Yusupov were in the spotlight, receiving numerous invitations.

High society was glad to see them, although they were once referred to as Prince and Princess Rasputin. However, "the jewels were still at customs, and our money was running out. The hotel became unaffordable. We needed to find more modest accommodation. On the advice of acquaintances, we found a small but comfortable and inexpensive apartment and moved in immediately." And "the authorities kept pondering whether to return our jewels or not."

Finally, a decision was made. "Customs returned to us the black pearl necklace, a collection of snuff boxes, miniatures, and other valuable items. But for the rest, they demanded a duty of 80% of the value of each item."

"That was beyond our means," noted Yusupov. And no one was buying the black pearls, snuff boxes, and other valuables.

"We ran out of money. No one knew about it because we did not discuss our difficulties. In New York, what matters is not what you have on your soul, but what you have behind your soul. And we continued to go out, Irina in black pearls, I in a tailcoat. At night, Irina washed laundry in the bathroom, while during the day I dealt with my own matters and those of the emigrants, while Irina cleaned and cooked."

One evening, the phone rang. Or perhaps at a reception, a short balding man approached them and said... No, it happened like this: "Darling," whispered the marquise to Irina, "what beautiful pearls you have! Would you like to sell them to me through Monsieur Cartier?"

"And our life changed immediately. No more washing, cooking, and cleaning. A period of temporary prosperity began. The money from sales at Cartier I invested in a real estate venture, and after retrieving the treasures of the Russian Crown, we sailed to France. We left New York, hospitable and exhausting, with sadness and relief... We were glad that we would soon see our daughter."

Thus began Pierre Cartier's story with the Yusupov jewels. And customs, great and terrible, returned to them the diamonds and treasures of the Russian Crown so they could cross the ocean peacefully and provide for their family.

Well, we are not the Yusupovs, and the crown jewels are unknown to us, but it is worth remembering the regulatory risk that can always knock us down. Especially since Prince Yusupov, unknowingly, also showed us operational risk. You may not know what it is called, but you will definitely encounter it.