In 2022, U.S. authorities accused Studhalter of collaborating with Russian businessman Suleiman Kerimov and laundering money for him. It was stated that Studhalter was "a key player in Kerimov's network of companies, managing several of Kerimov's enterprises" and that he "laundered significant amounts of money for Kerimov." Kerimov, known as a close confidant of Russian President Vladimir Putin, had been sanctioned in 2018 as a supporter of the Putin regime.

Studhalter has consistently denied the allegations against him and his sons, emphasizing that he began ending his business relationship with Kerimov in 2017—well before Kerimov's sanctions and more than five years before Russia's invasion of Ukraine—and completed the process long before the Russia-Ukraine war broke out.

As a result of a comprehensive and thorough investigation lasting nearly a year and a half, conducted by the OFAC (Office of Foreign Assets Control) within the U.S. Department of Treasury, the U.S. Department of Justice, and the U.S. Department of State, no findings were made to justify the sanctioning of Alexander Studhalter, his sons, or any of his companies. Thus, Studhalter and his sons have been fully exonerated. Studhalter always maintained, in response to the allegations, that he has had no business relationship with Suleiman Kerimov and his companies since 2018 and has never engaged in money laundering activities.

Alexander Studhalter, his sons, and their companies are among the very few individuals to be removed from the U.S. sanctions list, especially in such a short time. Studhalter successfully convinced U.S. authorities that their business activities complied with the stringent requirements of U.S. sanctions law and that the money laundering allegations were unfounded.

Alexander Studhalter stated: "I am relieved and grateful that, following a very demanding but also thorough and objective investigation by several U.S. authorities, it has now been officially confirmed that all allegations against us are unfounded."

On June 9, 2024, the NZZ published an in-depth article that details the facts of the case. You can access the article through the following link (in German): No Money Laundered for Russian Oligarch: U.S. Removes Swiss Businessman from Sanctions List

You can find the official OFAC announcement, including the list of individuals and entities removed from the SDN List, at this link: Russia-related Designations Removals: Specially designated nationals list update