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US sanctions Russian Evrofinance Mosnarbank over dealings with Venezuela state oil firm PVSA

Gasoil News - Published on Thu, 14 Mar 2019

Image Source: Reuters
Reuters reported that the United States imposed sanctions on the Russian bank Evrofinance Mosnarbank over its dealings with the Venezuelan state oil firm PDVSA, part of US efforts to cut off a financial lifeline for socialist President Nicolas Maduro's government. US Treasury Secretary Mr Steven Mnuchin said "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."

The Treasury Department said that under Monday's announcement, all US assets of Evrofinance, described as jointly owned by Russian and Venezuelan state-owned companies, will be frozen and US citizens will be prohibited from doing business with it.

The US Treasury Department said that the Venezuelan government bought a 49 percent stake in Evrofinance in 2011 through the Venezuelan National Development Fund, commonly known as FONDEN.

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Posted By : Rabi Wangkhem on Thu, 14 Mar 2019
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