Evrofinance Access to MOEX FX Markets Restricted after US Sanctions
- Evrofinance Mosnarbank will still retain access to MOEX markets but its FX operations will be restricted.
Following the imposition of US sanctions against Evrofinance Mosnarbank, the Russian bank will still retain access to Moscow Exchange (MOEX) markets. However, it will have restrictions on its foreign exchange operations, according to a report from Reuters, which cites MOEX.
Evrofinance Mosnarbank is one of the largest commercial banks in Russia and is jointly owned by Russian and Venezuelan state-owned companies. On Monday, the United States Department of the Treasury published a statement, announcing that it had added Evrofinance Mosnarbank to its sanctioning list, as the bank was “willing to finance the Petro.”
Following on from this the bank released a statement to its clients, dated from Wednesday, which said that from the 11th of March onwards, Evrofinance would not be processing US dollar Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, because of its inclusion on the sanctions list, the news outlet reported.
Before March 11, the Russian-Venezuelan lender was an active player on MOEX’s FX market. In February, the bank was the 18th largest player of dollar-rouble Swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term.
US Treasury Imposes Sanctions on Evrofinance Mosnarbank over Petro Cryptocurrency
The Russian commercial bank came under the US Treasury’s radar as part of its continued efforts to escalate the use of sanctions against the illegitimate regime of former President Nicolas Maduro.
According to the statement from the US Treasury: “When the failed Venezuelan cryptocurrency called the Petro, launched in 2018, Evrofinance emerged as the primary international financial institution willing to finance the Petro. Early investors in the Petro were invited to buy the cryptocurrency by wiring funds to a Venezuelan government account at Evrofinance.”
Commenting on the sanctions at the time, Treasury Secretary Steven T. Mnuchin further explained: “The illegitimate Maduro regime has profited off of the suffering of the Venezuelan people. This action demonstrates that the United States will take action against foreign financial institutions that sustain the illegitimate Maduro regime and contribute to the economic collapse and humanitarian crisis plaguing the people of Venezuela.”
Following the imposition of US sanctions against Evrofinance Mosnarbank, the Russian bank will still retain access to Moscow Exchange (MOEX) markets. However, it will have restrictions on its foreign exchange operations, according to a report from Reuters, which cites MOEX.
Evrofinance Mosnarbank is one of the largest commercial banks in Russia and is jointly owned by Russian and Venezuelan state-owned companies. On Monday, the United States Department of the Treasury published a statement, announcing that it had added Evrofinance Mosnarbank to its sanctioning list, as the bank was “willing to finance the Petro.”
Following on from this the bank released a statement to its clients, dated from Wednesday, which said that from the 11th of March onwards, Evrofinance would not be processing US dollar Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, because of its inclusion on the sanctions list, the news outlet reported.
Before March 11, the Russian-Venezuelan lender was an active player on MOEX’s FX market. In February, the bank was the 18th largest player of dollar-rouble Swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term.
US Treasury Imposes Sanctions on Evrofinance Mosnarbank over Petro Cryptocurrency
The Russian commercial bank came under the US Treasury’s radar as part of its continued efforts to escalate the use of sanctions against the illegitimate regime of former President Nicolas Maduro.
According to the statement from the US Treasury: “When the failed Venezuelan cryptocurrency called the Petro, launched in 2018, Evrofinance emerged as the primary international financial institution willing to finance the Petro. Early investors in the Petro were invited to buy the cryptocurrency by wiring funds to a Venezuelan government account at Evrofinance.”
Commenting on the sanctions at the time, Treasury Secretary Steven T. Mnuchin further explained: “The illegitimate Maduro regime has profited off of the suffering of the Venezuelan people. This action demonstrates that the United States will take action against foreign financial institutions that sustain the illegitimate Maduro regime and contribute to the economic collapse and humanitarian crisis plaguing the people of Venezuela.”