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US introduces sanctions against Russian-Venezuelan bank

March 11, 17:41 UTC+3

The Evrofinance-Mosnarbank ranks 96th among Russian banks in terms of the asset value

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US Treasury Department

US Treasury Department

© AP Photo/Pablo Martinez Monsivais

WASHINGTON, March 11. /TASS/. The US Treasury introduced sanctions against the Russian-Venezuelan bank Evrofinance-Mosnarbank in connection with the situation in Venezuela, according to its statement released on Monday.

"This action [to impose sanctions - TASS] demonstrates that the United States will take action against foreign financial institutions that sustain the illegitimate [President Nicolas] Maduro regime and contribute to the economic collapse and humanitarian crisis plaguing the people of Venezuela," Treasury Secretary Stephen Mnuchin said in a comment.

Evrofinance-Mosnarbank is the joint Russian-Venezuelan bank, operating on the basis of the intergovernmental agreement on establishment of the Russian-Venezuelan bank. Russia and Venezuela negotiated establishment of the development bank on Evrofinance-Mosnarbank base in 2009.

Evrofinance-Mosnarbank was founded at the turn of 2003 as a result of consolidation of Mosnarbank and JCB Evrofinance. Shareholders of the credit institution are Venezuela’s national development fund Fonden S.A. (49.99%), Gazprombank and its subsidiary Novintech (25% plus one share), VTB and its foreign subsidiaries ITC Consultants and VTB Bank (25% plus one share).

The credit institution ranks 96th among Russian banks in terms of the asset value.

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