US sanctions Russian bank for trying to circumvent Venezuela sanctions

The USA has designated Evrofinance Mosnarbank, a Moscow-based bank owned by Russian and Venezuelan state-owned companies, pursuant to Executive Order 13850. The bank is said to have “materially assisted, sponsored or provided financial, material or technological support” to PdVSA, the Venezuelan state-owned oil company.

The press release states that these US secondary sanctions “target foreign financial institutions that have materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Petroleos de Venezuela S.A. (PdVSA), which is itself an entity that has long been a vehicle for corruption, embezzlement, and money laundering by Maduro and his cronies.”

See OFAC Notice and US Treasury Press Release.

RussiaRussia VenezuelaVenezuela United StatesUnited States

About Maya Lester QC

Maya Lester QC

Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. The legal directories say she is the...

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