Record $4.6M fine for evading Russia sanctions in Georgia property deal
An unnamed American citizen has been fined $4.6 million by the U.S. Treasury’s Office of Foreign Assets Control (OFAC). The penalty follows violations of Russia-related sanctions involving a property deal in Atlanta, Georgia. The individual used a realtor to conceal the transaction, which included a home linked to a relative of a sanctioned Russian oligarch.
In April 2023, King Holdings, the firm controlled by the violator, purchased a property at a public auction. The plan was to renovate and resell it, despite OFAC’s restrictions on such transactions. The buyer failed to disclose the property’s connection to a sanctioned individual.
The fine serves as the highest possible under OFAC rules for this type of offence. The case highlights the risks of evading sanctions through undisclosed property deals. The violator’s identity remains undisclosed in public records.
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