The U.S. Department of the Treasury's Office of Foreign Assets Control has imposed a $7,139,305 penalty on Gracetown Inc., a property management company in New York, for violating OFAC's Russia-related sanctions and for failing to report blocked assets to it.
This enforcement action, which resulted in a penalty near the statutory maximum, highlights the importance of following OFAC-issued guidance and the significant consequences that can occur from failing to do so.
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Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.