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OFAC fines equity manager $11.5m over ties to sanctioned Russian oligarch

Suleiman Kerimov
Suleiman Kerimov. Photo: Mikhail Svetlov/Getty Images

Alexander Barzacanos

1 min read
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IPI was penalized for managing $50m for a Russian citizen for four years after he was sanctioned.

The Treasury’s Office of Foreign Assets Control (OFAC) has reached an $11,485,352 settlement with IPI Partners, LLC, a Chicago-based private equity manager focused on data centers, over 51 apparent sanctions violations related to continuing to do business with a sanctioned Russian oligarch.

In its settlement agreement and enforcement release, OFAC

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