ECONOMY

US sanctions Russia-based bank over Venezuela dealings

Treasury Secretary Steven Mnuchin speaks during a media briefing. (File photo: AP)

The US Treasury slapped sanctions on Monday on a Russia-based bank partly owned by Venezuela for its support for the government of embattled President Nicolas Maduro and the state oil company PDVSA.

The sanctions were aimed at Moscow-based Evrofinance Mosnarbank, which when founded in 2011 was 50 percent-owned by leading Russian banks and 49-percent owned by Venezuela’s National Development Fund.

“This 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,” said Treasury Secretary Steven Mnuchin in a statement.

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Last Update: Monday, 11 March 2019 KSA 18:39 - GMT 15:39
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