THE JOURNAL OF EXPORT CONTROLS AND SANCTIONS

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OFAC designates Evrofinance Mosnarbank

March, 2019

Moscow-based bank is jointly owned by Russian and Venezuelan state-owned companies.

The US Department of the Treasury’s Office of Foreign Assets Control (‘OFAC’) has designated Evrofinance Mosnarbank, a Moscow-based bank that is jointly owned by Russian and Venezuelan state-owned companies (14 March): ‘Today’s action, taken pursuant to Executive Order (E.O.) 13850, targets a foreign financial institution that has 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.  PdVSA, which was designated for operating...

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