Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and Privilege Underwriters Reciprocal Exchange

U.S. Department of the Treasury sent this bulletin at 12/21/2023 01:01 PM EST

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Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and Privilege Underwriters Reciprocal Exchange

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a $466,200 settlement with Privilege Underwriters Reciprocal Exchange (PURE). PURE agreed to settle its potential civil liability for 39 apparent violations of OFAC's Ukraine-/Russia-Related sanctions. Between May 2018 and July 2020, PURE engaged in transactions related to four insurance policies involving a blocked Panama-based company owned by Specially Designated National Viktor Vekselberg (Vekselberg). The settlement amount reflects OFAC's determination that PURE's apparent violations were not voluntarily self-disclosed and were non-egregious.

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