The U.S. Treasury Department has levied a substantial fine of $7.1 million against Gracetown Inc., a property management firm based in New York. This action comes as a result of allegations that the firm managed luxury real estate properties for Oleg Deripaska, a Russian oligarch with close associations to President Vladimir Putin, which constitutes a violation of U.S. sanctions.
According to the Treasury’s Office of Foreign Assets Control (OFAC), Gracetown Inc. processed a total of 24 payments amounting to $31,250 between April 2018 and May 2020 for a company that is owned by Deripaska. OFAC noted that the firm had previously been informed that any dealings with Deripaska were strictly prohibited, yet it chose to ignore these warnings.
Further complicating matters, filings from the Justice Department in 2022 have linked Gracetown Inc. to Graham Bonham-Carter, a U.K. businessman who was arrested in October 2022 on charges related to a conspiracy to breach U.S. sanctions against Deripaska. Bonham-Carter is also facing allegations of wire fraud associated with financing Deripaska’s properties in the United States and attempts to transport the oligarch’s artwork to New York.
This action by the U.S. Treasury underscores the government’s commitment to enforcing sanctions and holding accountable those who may seek to undermine national security through dealings with sanctioned individuals. The consequences for violations like these aim to strengthen the integrity of the financial system and reinforce global sanctions.
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