WASHINGTON, March 12 — The United States sanctioned the Russian bank Evrofinance Mosnarbank yesterday, accusing it of helping Venezuelan state oil firm PDVSA evade US financial restrictions and provide a “lifeline” for socialist President Nicolas Maduro's government.
The Trump administration has taken several steps in recent weeks to ratchet up pressure on Maduro and bolster Venezuelan opposition leader Juan Guaido, recognised by the United States and more than 50 other countries as interim president.
However, Maduro, who has accused Guaido of a US-directed coup attempt, retains the backing of Russia and China as well as control of state institutions including the military.
“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,” US Treasury Secretary Steven Mnuchin said in a statement.
Under yesterday'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 Treasury Department said.
The United States imposed sanctions on PDVSA in January.
Washington has called on foreign banks to ensure that Maduro and Venezuelan government officials are not hiding financial assets abroad.
“Bankers: Do not help Maduro and his accomplices steal the assets of the Venezuelan people,” US national security adviser John Bolton wrote in a message on Twitter yesterday. “The United States is watching. The world is watching. The Venezuelan people are watching.”
Evrofinance was set up in 2011 with Venezuela's National Development Fund, commonly known as Fonden, taking a 49 per cent stake in the bank, the Treasury Department said.
Russia’s Gazprombank and the Russian state bank VTB Bank each took a 25 per cent interest in Evrofinance, which was founded as a bi-national bank to fund joint Russia-Venezuela oil and infrastructure projects, the department said.
Evrofinance was the primary international financial bank that helped finance a Venezuelan crypto-currency, the petro, which launched last year in an attempt to “circumvent” US sanctions, the Treasury Department said.
Evrofinance said in a statement to its clients on its website that it was operating in a “stable manner” and will “fulfill all of its obligations towards clients and partners.”
Gazprombank, which is Russia’s third biggest lender by assets and includes among its shareholders Russian state gas company Gazprom, said in a statement that the US Treasury decision would not affect it.
“Gazprombank has a minority stake in Evrofinance Mosnarbank,” Gazprombank said. “Gazprombank does not carry out operations on the accounts of companies that are sanctioned by the US over Venezuela.” — Reuters
