US imposed sanctions on the Russian-Venezuelan bank

UNITED STATES (VOP TODAY NEWS) — The US Treasury imposed sanctions on the Eurofinance Mosnarbank in connection with the situation in Venezuela, stated in the press release of the department, distributed on Monday.

“This decision [to impose sanctions] shows that the United States will take actions against foreign financial institutions that support the regime of [President Nicholas] Maduro and contribute to the economic collapse and humanitarian crisis that the people of Venezuela are suffering from,” the head of the department said Stephen Mnuchin.

“When the failed Venezuelan cryptocurrency El Petro was launched in 2018, Eurofinance Mosnarbank” became the main international financial institution that expressed a desire to finance it.

Eurofinance Mosnarbank is a Russian-Venezuelan joint bank operating in accordance with an agreement between the Government of the Russian Federation and the Government of the Bolivarian Republic of Venezuela on the establishment of a Russian-Venezuelan bank. Russia and Venezuela agreed to establish a development bank based on Eurofinance Mosnarbank to finance joint projects in 2009.

Eurofinance Mosnarbank itself was established at the end of 2003 as a result of the merger of Mosnarbank CJSC into the Eurofinance Bank OJSC. At the same time, the bank got its current name. Fonden SA (Venezuelan National Development Fund) shares in the credit institution (49.99%) , Gazprombank and its subsidiary Novfintekh (25% + one share), VTB and its foreign subsidiaries ITC Consultants and VTBBank (25% + one share).

The credit institution is in 96th place among Russian banks in terms of assets.

This article is written and prepared by our foreign editors writing for VOP from different countries around the world – edited and published by VOP staff in our newsroom.

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