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2h ago

Treasury Fines New York Property Manager $7.1 Million Over Deripaska Sanctions Breaches

Officials framed the case as a warning to intermediaries enabling sanctioned elites.

This Nov. 10, 2017, file photo shows Russia's President Vladimir Putin, left, and Russian metals magnate Oleg Deripaska, right, walking to attend the APEC Business Advisory Council dialogue in Danang, Vietnam. (Mikhail Klimentyev, Sputnik, Kremlin Pool Photo via AP, File)
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Overview

  • OFAC said Gracetown handled 24 payments totaling $31,250 from April 2018 to May 2020 for a Deripaska-owned company after being notified that dealings were prohibited.
  • The penalty, set at $7,139,305, follows findings that the firm violated Russia-related sanctions and failed to report blocked assets, according to Treasury.
  • Gracetown, founded in 2006, managed three luxury properties in New York and Washington, D.C., that Deripaska acquired through corporate entities.
  • Justice Department filings linked the company to U.K. businessman Graham Bonham-Carter, arrested in 2022 on charges of conspiring to help Deripaska evade U.S. sanctions and related wire fraud.
  • Treasury Under Secretary John K. Hurley vowed continued action against those who enable sanctioned actors, and it is not yet known whether Gracetown will contest the fine.