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Enforcement Release: December 2, 2025
IPI Partners, LLC Settles with OFAC for $11,485,352 Related to Apparent Violations of Ukraine-/Russia-Related Sanctions
IPI Partners, LLC (“IPI”), a Chicago-based private equity firm that specializes in buying, developing, and operating data centers, has agreed to pay $11,485,352 to OFAC to settle its potential civil liability for apparent violations of Ukraine-/Russia-related sanctions. In 2017 and 2018, IPI solicited and received investments from Russian oligarch Suleiman Kerimov through a series of legal structures, and continued to maintain those investments for four years after OFAC designated Kerimov on April 6, 2018.
This settlement amount reflects OFAC’s determination that IPI’s apparent violations were non-egregious and not voluntarily self-disclosed. More broadly, this enforcement action highlights the sanctions risks that U.S. capital markets participants, including those in the private equity industry, can face. It is critical for such actors to understand and manage...
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1) Comment forthcoming