Summary
The U.S. Treasury Department fined a New York property management firm $7.1 million for managing properties linked to Russian billionaire Oleg Deripaska, despite sanctions against him. The firm, Gracetown Inc., handled payments for Deripaska's properties after being warned that such actions were against federal rules.
Key Facts
- The U.S. Treasury fined Gracetown Inc. $7.1 million.
- Gracetown managed properties for Oleg Deripaska, a Russian billionaire.
- Deripaska has been under U.S. sanctions since 2018.
- The company made 24 payments amounting to $31,250 from 2018 to 2020.
- Gracetown continued business with Deripaska after being warned.
- Oleg Deripaska has connections with Russian President Vladimir Putin.
- The sanctions prevent U.S. companies from dealing with Deripaska.
- Gracetown managed luxury properties in New York and Washington, D.C.
