A San Francisco venture capital firm will pay a $216 million fine to the U.S. Treasury for violating U.S. sanctions by managing investments for a Russian oligarch.

Global Venture Alliance (GVA) Capital allegedly managed investments for Suleiman Kerimov, a Russian government official, from 2016 to 2023, despite knowing of his status on the blocked persons list of the Treasuryโ€™s Office of Foreign Assets Control (OFAC). GVA Capital also failed to comply with a subpoena by not producing the full amount of documentation requested by the agency for 28 months, OFAC said Thursday in a press release.

Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...