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