Russian-Venezuelan bank under sanctions

RUSSIA / FSU POLITICS - In Brief 13 Mar 2019 by Alex Teddy

On March 11 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Evrofinance Mosnarbank for its “assistance” to PDVSA and to the Maduro regime. However, the only example cited in the press release refers to the oil-backed cryptocurrency Petro. According to the Treasury, investors were encouraged in early stages of the project to finance the Petro through an account owned by the Venezuelan government in Evrofinance Mosnarbank. The bank is owned by the Venezuelan FONDEN Development Fund (50% minus 2), Russian state-owned Gazprombank and Russia’s second larg...

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