Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and IPI Partners, LLC

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a $11,485,352 settlement with IPI Partners, LLC ("IPI") to settle its civil liability for 51 apparent violations of OFAC's sanctions against Russia. In 2017 and 2018, IPI solicited and received investments from Russian oligarch Suleiman Kerimov through a series of legal structures, and continued to maintain those investments for four years after OFAC designated Kerimov on April 6, 2018. The settlement amount reflects OFAC's determination that IPI's conduct was non-egregious and not voluntarily self-disclosed.

For more information, please visit the following Enforcement Release.