US sanctions Russia-based bank over Venezuela dealings

The US Treasury slapped sanctions Monday on a Russia-based bank partly owned by Venezuela for its support for the government of embattled President Nicolas Maduro and the sanctioned state oil company PDVSA.

The sanctions targeted Moscow-based Evrofinance Mosnarbank, which when founded in 2011 was 50 percent-owned by leading Russian banks and 49-percent owned by Venezuela’s National Development Fund.

“This action demonstrates that the United States will take action against foreign financial institutions that sustain the illegitimate Maduro regime and contribute to the economic collapse and humanitarian crisis plaguing the people of Venezuela,” said Treasury Secretary Steven Mnuchin in a statement.

The move came as Washington ramps up actions on Maduro’s regime, which is battling to hold onto power in the face of heavy domestic and international pressure.

Last week the United States indicted Venezuelan industry minister and former vice president Tareck El Aissami for violating sanctions in arranging unexplained flights on private jets to Turkey and Russia.

According to the US Treasury, Evrofinance Mosnarbank has been a key “lifeline” of Maduro’s government.

As the Maduro government endured increasing pressure in the past year, the bank’s assets soared by 50 percent in 2018, according to the Treasury.

It also was a key point of support for the Maduro government’s failed effort to create a new cryptocurrency, the petro, last year.

“Evrofinance emerged as the primary international financial institution willing to finance the Petro,” the Treasury said.

The Treasury’s action prohibits US citizens and entities for doing business with Evrofinance and freeze its assets under US jurisdiction.

 

US sanctions Russia-based bank over Venezuela dealings

The US Treasury slapped sanctions Monday on a Russia-based bank partly owned by Venezuela for its support for the government of embattled President Nicolas Maduro and the sanctioned state oil company PDVSA. The sanctions targeted Moscow-based Evrofinance Mosnarbank, which when founded in 2011 was 50 percent-owned by leading Russian banks and 49-percent owned by Venezuelas National Development Fund. This action demonstrates that the United States will take action against foreign financial institutions that sustain the illegitimate Maduro regime and contribute to the economic collapse and humanitarian crisis plaguing the people of Venezuela, said Treasury Secretary Steven Mnuchin in a statement. The move came as Washington ramps up actions on Maduros regime, which is battling to hold onto power in the face of heavy domestic and international pressure. Last week the United States indicted Venezuelan industry minister and former vice president Tareck El Aissami for violating sanctions in arranging unexplained flights on private jets to Turkey and Russia. According to the US Treasury, Evrofinance Mosnarbank has been a key lifeline of Maduros government. As the Maduro government endured increasing pressure in the past year, the banks assets soared by 50 percent in 2018, according to the Treasury. It also was a key point of support for the Maduro governments failed effort to create a new cryptocurrency, the petro, last year. Evrofinance emerged as the primary international financial institution willing to finance the Petro, the Treasury said. The Treasurys action prohibits US citizens and entities for doing business with Evrofinance and freeze its assets under US jurisdiction.