Gracetown Fined $7.1M for Russia Sanctions Violations

Gracetown Incorporated, a New York property management company, has been fined $7.1 million by the Treasury Department for violating sanctions against Russia. The company continued to handle payments linked to sanctioned Russian billionaire Oleg Deripaska, despite warnings from federal officials. Gracetown also failed to report blocked assets under its control for over forty-five months, contributing to the size of the penalty. The companys violations were described as egregious and it did not voluntarily disclose them. The Daily News Now! - Every city. Every story. AI Powered. Hosted on Acast. See acast.com/privacy for more information.