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

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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 designated 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 Venezuela S.A. (PdVSA), which has “long been a vehicle for corruption, embezzlement, and money laundering by Maduro and his cronies.” The firm has also been on the U.S. sanctions list since January.

Treasury Secretary Steven T. Mnuchin said:

“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.”

In response to the Treasury’s action, Evrofinance issued a statement on its website on Monday, stating that the bank “continues to operate in a stable manner,” and that it will “unconditionally fulfill all its obligations to customers and partners in full.”

With the addition of the bank to the SDN list, the Treasury said “all property and interests in property of this entity, and of any entities that are owned, directly or indirectly, 50 percent or more by this entity, that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC.”

Venezuela’s petro was first launched in pre-sale in February 2018, and went on sale to citizens in October via a government portal.

Petro image via Shutterstock 

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Where Did Jay Stark Come From?

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Jay Stark

Sunshine State

When asking Jay Stark where he is from, he laughed and said he’s from the earth where all of us are a big family on a journey to make the most of our limited time together. After digging deeper, he told us he’s from the Sunshine State but definitely enjoys the cold atmosphere more.

Growing up as a kid, one of his dreams was to travel the world and learn new things. He now spends his time traveling the world doing life-changing workshops while embracing different cultures around the world and spreading good vibes everywhere he goes.

Jay Stark
Jay Stark

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Who is Jay Stark?

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Jay Stark

Jay Stark is an author, speaker, and consultant who lives to inspire and empower people to realize that they are capable of achieving any desire if they put their heart and soul into it with a pinch of their mind.

Jay Stark
Jay Stark is an author, speaker, and consultant

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Spectrum: The speed you need for a price you’ll love

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Spectrum Internet

DISH Network and DirectTV say:

Thousands of on-demand titles, A great deal, A great price. Dish Network and DirectTV actually mean Additional equipment required and you’ll be locked in a contract with early termination fees.

Spectrum, on the other hand, means internet and TV services at the best price.

The speed you need for a price you’ll love.

With Spectrum Internet you can enjoy 100 Mbps Internet, the fastest Internet starting speeds for the price. Need even more speed? Ask about Spectrum Internet Gig with speeds up to 940 Mbps.

  • 100 Mbps Internet starting speeds
  • FREE Internet modern
  • FREE Security Suite
  • NO data caps

By switching over to Spectrum you can save up to 40% on your wireless bill every month.

Plus, ask about Spectrum Mobile.

Spectrum Mobile was designed to save you money. Get FREE nationwide talk and text on the nation’s largest, most reliable LTE network. Pick the wireless plan that works for you and start saving with no added taxes and fees. Choose from the latest devices or bring your own.

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