US Treasury slaps $7.1M fine on New York firm for managing properties for Putin ally

The U.S. Treasury has imposed a $7 million fine on a New York property management firm for allegedly violating Russia-related sanctions. Gracetown Inc. managed luxury real estate for sanctioned Russian oligarch Oleg Deripaska. The Treasury’s Office of Foreign Assets Control says Gracetown received payments on behalf of a company owned by Deripaska between April 2018 and May 2020. Despite being warned, the firm continued its dealings. Deripaska has faced U.S. sanctions since 2018 for acting on behalf of a senior Russian official. A lawyer who has represented Deripaska previously didn’t immediately respond to a request for comment. Gracetown couldn’t immediately be reached for comment.