íàçâàíèå

US Sanctions Moscow’s Evrofinance Bank Over Involvement With Petro

US Sanctions Moscow’s Evrofinance Bank Over Involvement With Petro

The U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) has imposed sanctions on Moscow-based Evrofinance Mosnarbank. The Russian bank was allegedly involved in Venezuelas attempts to bypass financial sanctions using the petro.

Also Read: In the Daily: Exchange to List STOs, Crypto Tax Tool for Accountants, Coinbase Updates


US Sanctions Evrofinance

The American administration has explained it targeted Evrofinance because it enabled corruption, embezzlement, and money laundering by the disputed Venezuelan government of Maduro and his cronies. As a result, all the property of the bank and any entities that it owns 50 percent or more of that are in the U.S. or under its control are blocked and must be reported to OFAC. The sanctions also prohibits anyone within U.S. jurisdiction to have any dealings with the bank.

The illegitimate Maduro regime has profited off of the suffering of the Venezuelan people, stated Treasury Secretary Steven Mnuchin. 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.


Serving as a Lifeline for Maduro

What drew the ire of the American administration is that when the Venezuelan government launched the petro, Evrofinance served as the primary international institution willing to finance the venture. The U.S. found that early investors in the petro were invited to buy the cryptocurrency by wiring funds to a Venezuelan government account at Evrofinance. American officials has interpreted the petro as a demonstration of Maduros intent to circumvent U.S. financial sanctions.

According to the U.S. Treasury, Evrofinance was founded as a bi-national bank to fund joint Russia-Venezuela oil and infrastructure projects. Maduros predecessor, Hugo Chavez, bought a 49 percent stake in the bank in 2011 through the Venezuelan National Development Fund. Gazprombank, in which the Russian gas producer Gazprom is a shareholder, and VTB Bank, Russias second largest bank, each owned a 25 percent stake in Evrofinance at the time of its incorporation. Both Gazprombank and VTB Bank were placed under OFAC sanctions in 2014.

What do you think about US sanctions against Evrofinance? Share your thoughts in the comments section below.


The post US Sanctions Moscow’s Evrofinance Bank Over Involvement With Petro appeared first on Bitcoin News.

14.03.2019 / 10:00 18
Cryptocurrency Accepted: Venezuela Will Sell Oil for Petro, Maduro Says Cryptocurrency Accepted: Venezuela Will
The government of Venezuela has announced that it plans to create a basket of cryptocurrencies for the oil-backed state cryptocurrency, the Petro.
Maduro Mandates Venezuela’s Petro to Become Second National Currency Maduro Mandates Venezuela’s Petro to
Facing hyperinflation as well as international sanctions that have brought Venezuela to its knees, controversial President Nicol?sMadurohas mandated
Venezuela Leverages Russian Bank Stake To Bypass US Petro Sanctions Venezuela Leverages Russian Bank Stake
Venezuela is taking advantage of its 49% stake in a Russian bank, and using it to skirt US sanctions on its cryptocurrency Petro, according to
Venezuela’s Oil-Backed Crypto Petro Grows Thanks to a Little-Known Russian Bank Venezuela’s Oil-Backed Crypto Petro
Venezuela’s oil-backed cryptocurrency, the Petro (PTR), has been surviving thanks to a little-known Russian bank, Evrofinance Mosnarbank, which has
US President Trump Bans US Citizens From Buying Petro US President Trump Bans US Citizens
US President Donald Trump introduces executive order, banning US citizens from buying Venezuelas oil-backed digital currency, the Petro. President
Trump Orders Sanctions Against Venezuela's Crypto Trump Orders Sanctions Against
Donald Trump has signed an executive order imposing new sanctions against Venezuela for its controversial "petro" cryptocurrency. The U.S. president
Comments (0)
Add a comment
Comment on