The U.S. Treasury Department on March 11 sanctioned a Russia-based bank for attempting to circumvent restrictions previously placed against Venezuela’s state-owned oil company, PDVSA.
The bank “Evrofinance Mosnarbank,” which is jointly owned by Russian and Venezuelan state-owned companies, was sanctioned for its support of PDVSA. Evrofinance’s net assets grew more than 50 percent during 2018 as the treasury continued to escalate the use of sanctions.
