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Treasury Fines New York Property Manager $7.14 Million Over Deripaska Sanctions Violations

Treasury signals tougher enforcement of blocking/reporting rules for service providers.

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 imposed a $7,139,305 penalty on Gracetown Inc. for violating Russia-related sanctions and failing to report blocked assets tied to Oleg Deripaska.
  • Investigators said Gracetown received 24 payments totaling $31,250 between April 2018 and May 2020 on behalf of a company ultimately owned by the sanctioned oligarch after explicit notice to cease dealings.
  • The agency said Gracetown did not report blocked assets in its possession for more than 45 months following Deripaska’s designation.
  • Gracetown was formed in 2006 to manage three luxury properties in New York and Washington, D.C., and Deripaska was the ultimate beneficial owner until 2018.
  • Treasury’s John K. Hurley vowed continued action against facilitators, and prior DOJ filings linked Gracetown to U.K. businessman Graham Bonham-Carter, arrested in 2022 over alleged sanctions-evasion efforts connected to Deripaska’s U.S. properties.