US fines New York firm $7.1m for sanctions breach over Russian oligarch
Dec 08, 2025
New York [US], December 8: The U.S. Treasury Department imposed a $7.1 million fine on a New York-based property management firm Thursday, accusing it of violating sanctions by managing luxury real estate properties for oligarch Oleg Deripaska, who has close ties to Russian President Vladimir Putin.
Treasury's Office of Foreign Assets Control said Gracetown Inc. had received 24 payments between April 2018 and May 2020 totaling $31,250 on behalf of a company owned by Deripaska. OFAC says it gave Gracetown notice that dealings with Deripaska were prohibited, but the firm proceeded anyway.
Justice Department filings from 2022 connect Gracetown Inc. with U.K. businessman Graham Bonham-Carter, who was arrested in October 2022 for conspiracy to violate U.S. sanctions imposed on Deripaska as well as for wire fraud connected to funding Deripaska's U.S. properties and efforts to expatriate the oligarch's artwork to New York.
Source: Fijian Broadcasting Corporation
