A San Francisco-based private equity firm has agreed to pay $11.4 million to settle allegations it violated U.S. sanctions rules by handling investments for a sanctioned Russian oligarch, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) said.
Treasury sanctions foreign individuals and businesses that are linked to crimes and/or considered to pose a national threat to the U.S, including those in Russia. In an effort to pressure Russia to end its war on Ukraine, OFAC also has sanctioned individuals and businesses with ties to the Russian military. U.S. financial institutions are prohibited from engaging in financial transactions with sanctioned entities and they must report suspicious activity.
