IPI Partners Settles ‘Apparent’ Breaches of US Russia Sanctions

IPI Partners, LLC, a Chicago-based private equity firm that specializes in buying, developing and operating data centers, will pay $11.5 million to settle its civil liability for 51 “apparent violations” of US sanctions against Russia, according to a Treasury Department statement.

IPI Partners solicited and received investments from Russian oligarch Suleiman Kerimov in 2017 and 2018 through a series of legal structures, and it continued to maintain those investments for four years after the US designated Kerimov for sanctions in April 2018, according to Treasury.

“IPI acted contrary to US foreign policy interests with respect to Russia by facilitating ...