Russias-Evrofinance-Mosnarbank-Sanctioned-by-the-US-After-Being-Backed-Venezuelas-Petro

Russia’s Evrofinance Mosnarbank Sanctioned By The US After Being Backing Venezuela’s Petro

The United States has decided to add the Russian bank Evrofinance Mosnarbank to its sanctioning list managed by the Treasury Department. According to an official press release published a few days ago, the institution explains that the bank was “willing to finance” Venezuela’s virtual currency called Petro.

US Treasury Sanctions Evtofinance Mosnarbank

The Treasury accused the bank to help Venezuela launching the Petro national cryptocurrency. This digital asset is backed by the natural reserves of the country and aimed at revolutionizing the whole Venezuelan economy. However, this did not work as expected and the economy plummetted the same.

The statement released by the US Treasury Department reads as follows:

“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.”

Additionally, the digital asset aimed at improving Venezuela’s access to international funds after receiving US sanctions. Moreover, Hugo Chavez, Maduro’s predecessor purchased almost 50% stake in Evrofinance using the Venezuelan National Development Fund in 2011.

European and American financial institutions have already cut ties with institutions in Venezuela and the government of the country. Maduro has been trying to remain in power even when the National Assembly of the nation voted for Juan Guaidó as the new president of Venezuela.

The bank is also accused of supporting the state-owned oil company PDVSA that has been sanctioned by the United States in January 2019. Indeed, PDVSAused the Petro as a unit of account to trade Venezuelan crude oil.

Back in 2017, Guaidó claimed that the Petro was a scam and dismissed the plans to implement it in the economy. The country aimed at gathering funds with the Petro and avoid financial sanctions. Argentina and Poland have already rejected the digital asset as a means of payment after Venezuela offered these two nations to pay for goods and services using the virtual currency.

Bitcoin, Ethereum, Ripple (XRP) and BCH Price Analysis: Today's Coin Price Prediction Forecasts

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $165.18B $9,299.8810 7.03% $6.42B
ETH $29.43B $276.2949 4.40% $1.98B
XRP $17.93B $0.4218 3.86% $570.59M
LTC $8.55B $137.3942 1.75% $837.14M
BCH $7.78B $436.0725 3.75% $290.99M
EOS $6.55B $7.1277 6.68% $871.81M
BNB $4.68B $33.1184 -0.67% $251.87M
BSV $3.85B $215.6978 1.00% $127.92M
USDT $3.45B $1.0050 -0.10% $5.82B
XLM $2.5B $0.1290 2.33% $87.41M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.