The U.S. Department of the Treasury's Office of Foreign Assets Control Assesses a Civil Monetary Penalty against Gracetown, Inc.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has assessed a $7,139,305 civil monetary penalty against Gracetown, Inc., for violations of OFAC's Russia sanctions resulting from its dealings in property of sanctioned Russian oligarch Oleg Deripaska and for related reporting obligations. Between April 2018 and May 2020, Gracetown knowingly accepted 24 monthly payments totaling $31,250 for an entity owned by Deripaska. Additionally, Gracetown failed to timely report Deripaska's blocked property to OFAC.

The penalty amount reflects OFAC's determination that Gracetown's conduct was egregious and not voluntarily self-disclosed.

For more information, please visit the following Enforcement Release.