OFAC Settles with Privilege Underwriters Reciprocal Exchange for $466,200 for Apparent Violations of the Ukraine-/Russia-Related Sanctions Regulations


Privilege Underwriters Reciprocal Exchange (PURE), an insurance organization based in White Plains, New York, has agreed to pay $466,200 to settle its potential civil liability for 39 apparent violations of Office of Foreign Assets Control (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 (Medallion, Inc.) owned by Specially Designated National Viktor Vekselberg (Vekselberg). Despite being provided with this company’s ownership information in 2010, PURE paid a $7,500 claim and provided insurance coverage and collected 38 premium payments totaling $308,390 for Vekselberg’s property for more than two years.

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