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OFAC Designation of Russian Bank a Warning to Maduro’s Supporters

IFLR

25 Mar 2019

Morrison & Foerster counsel Michael V. Dobson discusses the placement of Russian bank Evrofinance Mosnarbank on the US sanctions list for illegally supporting the regime of Venezuela’s President Nicolas Maduro in the IFLR article entitled, “OFAC designation of Russian bank a warning to Maduro’s supporters.” Although 49% of Evrofinance is held by the Venezuelan National Development Fund, purchased in the Chavez era, the bank remains Russian-owned in the majority. That the bank has been targeted specifically like this is being viewed as a direct warning to others to immediately stop supporting a government, and its leader, that the US considers illegitimate.

Dobson said, "On one hand it increases the pressure on Maduro and [state-owned oil firm] PDVSA, and on the other hand it is an indirect warning to the Russians to stop propping up the regime, but it is also a warning to any other countries that might consider following suit."

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