. home.aspx

NEWS

home.aspx
   


US Treasury Sanctions Russian Bank Over Links to Venezuela’s Petro

March 13, 2019 / Yogita Khatri

The U.S. Department of the Treasury has sanctioned a Moscow-based bank over its role in financing Venezuela’s controversial petro cryptocurrency. The Treasury announced Monday that its Office of Foreign Assets Control (OFAC) has added Evrofinance Mosnarbank – which is jointly owned by Russian and Venezuelan state-owned firms – to the Specially Designated Nationals List, as it was the “primary” international bank that helped finance disputed Venezuelan president Nicolas Maduro’s “failed” petro project.“Early investors in the Petro were invited to buy the cryptocurrency by wiring funds to a Venezuelan government account at Evrofinance,” the Treasury said, adding:“Evrofinance’s involvement in the Petro demonstrated Maduro’s hope that the Petro would allow Venezuela to circumvent U.S. financial sanctions.”The Treasury has also said that Evrofinance supported Venezuelan state-owned oil company Petroleos de V...