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IPFS News Link • Venezuela

Meet the Small Russian Bank Helping Venezuela Defy US Sanctions

•, Tyler Durden

A new Bloomberg report has exposed deepening Russian-Venezuelan ties as the Nicolas Maduro government attempts to thwart aggressive U.S. sanctions amidst continued economic collapse while cut off from the global economy. Bloomberg names a little known Moscow-based state-run bank called Evrofinance Mosnarbank as a "key player" based on high level sources with direct knowledge of the bank's role in giving Venezuelan companies access to the outside world, confirmed by recent statements of Caracas officials themselves. 

It's not the first time the obscure bank has made headlines as last May it was revealed to be the world's only financial institution to sponsor Venezuela's experimental and now already in trouble before official launch state-backed cryptocurrency - called the petro - allowing investors to buy the petro by wiring a minimum of 1,000 euros to a Venezuelan government account at Evrofinance.

The bank is increasingly involved in Venezuelan markets, with its unique capital structure set up to delicately evade punitive oversight mechanisms while tapping into alternative markets  something said to be the brainchild of Vladimir Putin and the late Hugo Chavez — especially useful now as Maduro is forced to depend on the likes of Turkey, China, Russia and Iran.