An important Russian commercial bank has been added to the US Treasury sanctions list for supporting the Venezuelan state owned oil company and for being the primary international financial institution willing to finance the Petro, a cryptocurrency project purportedly designed to circumvent US financial sanctions.
According to the Globe and Mail, the US Treasury announced that its Office of Foreign Assets Control (OFAC) has added Evrofinance Mosnarbank to the Specially Designated Nationals List. The Moscow-based binational bank was created as a joint venture during the Putin/Chavez alliance and is owned by Venezuelan and Russian state owned firms: the Venezuelan National Development Fund (49.9%) and Russia’s Gazprombank (25%) and VTB Bank (25%). The two Russian banks have been on the sanctions list since 2014.
The US Treasury stated the sanctions were being imposed due to Evrofinance’s banking support of Petroleos de Venezuela, the state owned oil company, which was added to the sanctions list in January 2019, and for accepting wire payments during the Initial Coin Offering of disputed Venezuelan president Nicholas Maduro’s cryptocurrency, the Petro, which was specifically created to circumvent US financial sanctions. A claim the bank denied last May.
As a result of the sanction, all property and any interest in property of Evrofinance, and of any entities that are owned, directly or indirectly by the bank which located within the US or are in the possession of any American must be reported to OFAC.