The VC firm began providing services to Suleiman Kerimov, a Russian oligarch, in 2016 prior to Kerimov’s designation on OFAC’s List of Specially Designated Nationals and Blocked Persons (SDN ...

According to the announcement, between April 2018 and May 2021, GVA Capital knowingly managed investments for Russian oligarch Suleiman Kerimov, who was designated as a Specially Designated ...

Once Kerimov was sanctioned, in 2018, GVA Capital was told to speak to Nariman Gadzhiev, Kerimov’s nephew and primary financial facilitator regarding future transactions.

In connection with fundraising efforts for an investment opportunity in 2016, GVA approached Suleiman Kerimov, a Russian oligarch with whom one of GVA’s founders maintained a personal relationship.

OFAC announced a significant penalty action on June 12 resulting from GVA’s activities in managing a $20 million investment by a sanctioned individual, Suleiman Kerimov.

Background GVA was accused of managing an investment for Suleiman Kerimov while aware that he was sanctioned by OFAC. Kerimov is a prominent Russian businessman who was sanctioned in 2018.

A San Francisco venture capital firm will pay a $216 million fine to the U.S. Treasury for violating U.S. sanctions by managing investments for a Russian oligarch. Global Venture Alliance (GVA) ...

Russkova Corcos previously worked for a sanctioned Russian oligarch named Suleyman Kerimov, and after Treasury officials blocked the trust funding his investments because of his close ties to ...

The value of Russian assets frozen in Switzerland due to economic sanctions on Moscow rose to 7.4 billion Swiss francs ($8.38 billion) at the end of March 2025 from 5.8 billion francs a year ...