The United States Treasury Department has levied a substantial financial penalty against a New York-based property management firm for breaching sanctions by managing luxury real estate assets linked to a close ally of Russian President Vladimir Putin.
Substantial Fine for Sanctions Violations
On Thursday, 4 December 2025, the Treasury's Office of Foreign Assets Control (OFAC) announced a $7.1 million fine against Gracetown Inc.. The firm is accused of violating US sanctions by managing high-end properties on behalf of Russian oligarch Oleg Deripaska, who has faced stringent American sanctions since 2018.
OFAC stated that Gracetown received 24 separate payments between April 2018 and May 2020, totalling $31,250, for services rendered to a company owned by Deripaska. Authorities assert that Gracetown was explicitly notified that dealings with the sanctioned oligarch were prohibited, but the company proceeded with the transactions regardless.
Connections to UK Businessman and Wider Scheme
The enforcement action is connected to a broader legal case involving UK businessman Graham Bonham-Carter. Court filings from the US Justice Department in 2022 link Gracetown to Bonham-Carter, who was arrested in October 2022. He faces charges of conspiracy to violate US sanctions on Deripaska, as well as wire fraud related to funding the oligarch's US properties and attempts to move his artwork to New York.
Gracetown was established in 2006 specifically to manage three luxury properties in New York and Washington, D.C., which Deripaska had acquired around the same time through various legal entities. Deripaska was originally sanctioned for acting on behalf of a senior Russian official and operating in Russia's energy sector, leading to all his US assets being blocked.
Ongoing Legal Repercussions and Official Warnings
This is not an isolated incident concerning Deripaska. In 2022, the oligarch and three associates were criminally charged in New York with conspiring to violate sanctions and with plotting to ensure his child was born in the United States. Deripaska had previously sued The Associated Press for defamation in 2017 over a story concerning his dealings with former Trump campaign chairman Paul Manafort, a case which was later dismissed.
Commenting on the fine, John K. Hurley, Treasury's undersecretary for terrorism and financial intelligence, stated, "We will continue to investigate and hold accountable those who enable sanctioned actors." The Treasury emphasised that the action "highlights the importance of following OFAC-issued guidance and the significant consequences that can occur from failing to do so."
Attempts to reach Gracetown Inc. for comment were unsuccessful. A lawyer who has previously represented Oleg Deripaska also did not immediately respond to a request for comment on the latest enforcement action.
