“An obscure Moscow-based state-run bank has emerged as a key player in Venezuelan President Nicolas Maduro’s efforts to work around U.S. sanctions that are cutting his country off from the global economy. Evrofinance Mosnarbank, which is jointly owned by Russia and Venezuela but not subject to sanctions itself, has been tapped by the Maduro government as an alternative to handle payments to its suppliers. What’s more, officials in Caracas are urging local banks and companies to channel international transactions through Evrofinance, according to people with direct knowledge of the matter. For Maduro, there’s a lot riding on the gambit. Desperate to stem a brutal economic collapse and restore some sense of normalcy, the authoritarian leader needs to find a way to reinsert companies in international markets so that they can carry out tasks as simple as importing and exporting goods or wiring money from Caracas to Miami.”
Source: Venezuela Is Said to Move Cash Through an Obscure Russian Bank – Bloomberg
