07 Mar 2019
The Russian accounts of Venezuelan companies, including state oil firm PDVSA, will be moved to the Russian Financial Corporation Bank (Rusfincorp), which is sanctioned by the United States, a source told Reuters on Wednesday.
The decision had been agreed with the Russian government, the source, who is familiar with the negotiations, said, confirming an earlier report by the RIA news agency.
“This is not the Kremlin’s direct responsibility to open accounts and coordinate with business,” Kremlin spokesman Dmitry Peskov said, while Rusfincorp said that it has no information that Venezuelan companies, including PDVSA, intended to transfer their accounts to the bank. Reuters reported last month that Russian lender Gazprombank had decided to freeze the accounts of PDVSA and halted transactions with the firm to reduce the risk of the bank falling under U.S. sanctions.
By Polina Nikolskaya, Reuters, 6 March 2019
Link to Reuters
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet