The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury said on Monday that net assets of Evrofinance Mosnarbank Ojsc increased by 50% last year as the administration in Washington strengthened sanctions against Venezuela. The Moscow-based lender, owned by Russian state-run firms and with a minority stake by the Latin American country's government enterprises, was designated for allegedly assisting and sponsoring Petroleos de Venezuela SA (PDVSA).
Secretary Steve Mnuchin claimed the "illegitimate" regime of President Nicolas Maduro is exploiting the people his 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," he said.
"When the failed Venezuelan cryptocurrency, called the Petro, launched in 2018, Evrofinance emerged as the primary international financial institution willing to finance the Petro. Early investors in the Petro were invited to buy the cryptocurrency by wiring funds to a Venezuelan government account at Evrofinance," the announcement adds. The US claimed the tool is intended for circumventing sanctions.
