In The News

U.S. Places Sanctions on Moscow-Based Evrofinance Mosnarbank

Wall Street Journal

11 Mar 2019

Morrison & Foerster counsel Michael V. Dobson discussed the addition of Moscow–based Evrofinance Mosnarbank to U.S. Treasury Department’s sanctions list, alleging the bank has attempted to evade U.S. sanctions on Venezuela in the Wall Street Journal article entitled, “U.S. Places Sanctions on Moscow–Based Evrofinance Mosnarbank.”The bank, which is jointly owned by Russian and Venezuelan state entities, has assisted and provided support for Venezuela state–owned oil giant Petróleos de Venezuela SA, or PdVSA, which has been on the U.S. sanctions list since January.

Dobson indicated that the action against Evrofinance signals an increase in the pressure the Trump administration is placing on Mr. Maduro and the PdVSA, while also raising the level of risk for U.S. entities dealing with Russian financial institutions. He said, “It’s really a two for one for the administration.”

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