The US Department of the Treasury announced the imposition of nearly $216 million in penalties

Washington, D.C. — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed a civil penalty of $215,988,868 on GVA Capital Ltd. of San Francisco, California, for violating OFAC sanctions against Russia and failing to comply with reporting obligations.

GVA Capital knowingly managed investments for Russian oligarch Suleiman Kerimov, despite his being on the sanctions list. In addition, the company failed to comply with OFAC's requirements during the investigation of this matter.

The amount of the penalty reflects OFAC's determination to combat sanctions violators, underscoring that the company's violations were clear and not voluntarily disclosed.

Source: U.S. DEPARTMENT OF THE