The US Treasury slapped sanctions Monday on a Russia-based bank partly owned by Venezuela for its support for the government of President Nicolas Maduro and the sanctioned state oil company PDVSA.

The sanctions targeted Moscow-based Evrofinance Mosnarbank, which when founded in 2011 was 50 percent-owned by leading Russian banks and 49-percent owned by Venezuela’s National Development Fund.

“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,” said Treasury Secretary Steven Mnuchin in a statement.

Source: AFP