US penalises New York company US$7m over Russia sanctions violations

A New York company has been fined more than US$7.1 million by the US Department of the Treasury for breaching sanctions on a company owned by Russian oligarch Oleg Deripaska.

Source: European Pravda, citing the US Department of the Treasury in a statement

Details: New York-based property management company Gracetown Inc. has been fined over US$7.1 million for violating Russia-related sanctions. The decision was made by the US Treasury Department's Office of Foreign Assets Control (OFAC).

"Treasury will act firmly against those who ignore our sanctions and aid our adversaries," said John K. Hurley, Treasury Under Secretary for Terrorism and Financial Intelligence. "Under Secretary Bessent's leadership, we will continue to investigate and hold accountable those who enable sanctioned actors."

The statement said that between April 2018 and May 2020, Gracetown received 24 payments totalling over US$31,000 on behalf of a company ultimately owned by Deripaska.

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