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 Treasury’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.
