Russian bank challenges sanctions of the United States trading with cryptocurrency petro

The Russian bank Evrofinance Mosnarbank challenges the sanctions imposed by the US government and has become the only financial institution that processes the purchase of the Venezuelan petro-cryptoactive. An action that opens the commercial doors to the petro, which until now is unknown in which foreign exchange houses seek to trade.

Based in Moscow, Evrofinance Mosnarbank is the first financial institution that, after the sanctions announced in 2017 for US citizens and entities organized under US law, assumes the cost of marketing the petro. A position related, probably, with the actions of the Venezuelan government in the bank.

As reported by The Washington Post, the Venezuelan government bought 49% of shares of Evrofinance Mosnarbank during the last presidential term of Hugo Chávez, in 2011. The shares were purchased on behalf of the National Fund for National Development (FONDEN); and share the co-ownership of the bank with two financial companies controlled by the governmentRussian, which have also been punished for links with the armed conflict in Crimea in 2014.

The use of this Russian bank seeks to evade the financial sanctions imposed by President Donald Trump last year in relation to the commercialization of petro. An intention for which the Russian Association of Cryptocurrency and Blockchain recognized the Venezuelan government for its role "defying the de facto powers of the international financial system."

We must remember that when President Nicolás Maduro announced the development of the crypto-active indicated to be backed by oil, he mentioned as partners two companies unknown to the ecosystem: Zeus Exchange and Aerotrading. Two companies that according to the source consulted belong to businessmen linked to the Kremlim.

However, only Aerotrading, which Maduro called "one of the largest companies in the ecosystem" although it was not known, confirmed the work with the Petro's development team. For its part, Zeus Exchange, denied the linkage of the exchange with the project sanctioned by the United States.

It is important to bear in mind that the justification for the prohibition of buying and trading petro for US citizens and companies registered or governed by its law, are linked to what they consider to be "an extension of Venezuelan credit", because by definition , the petro gives rights to receive commodities - oil and gold - in the future. A justification that Maduro resolved accusing Trump of sanctions violating "the elementary principles of international law."

Also, we must bear in mind that recently announced the completion of the presale of the petro with a collection of 3,338 dollars. However, at the moment it is unknown what is the quotation value of the petro, although it is supposed to be the same as one barrel of oil of the Venezuelan basket.