Venezuela’s Cryptocurrency Petro (PTR) Relying On Russian Bank To Evade U.S. Sanctions

Evrofinance Mosnarbank, a bank based in Moscow has proved to be the lifeline of Venezuela’s Petro (PTR) virtual currency and this has allowed investors to purchase the digital coin while circumventing sanctions imposed by the United States. According to reports early would-be investors of the Petro who registered with the government of Venezuela and also downloaded the wallet of the virtual currency were invited to purchase the crypto by wiring a minimum of 1,000 euros to an account owned by the government at Evrofinance Mosnarbank.

The role of Evrofinance Mosnarbank in the launching of the Petro provides further proof that Russia was heavily involved in the development of the virtual currency which has been shunned by large sections but which Nicolas Maduro, the president of Venezuela, argues will allow his country to evade the financial sanctions which were imposed by the United States last year.

Russian assistance

During the launch of the Petro earlier in the year Maduro was full of praise for two Russians who were among the guests invited to the event. At the time Maduro introduced the Russians as entrepreneurs who had assisted in developing the virtual currency through their startups. It is understood that a day later the economy minister of Venezuela was sent to Russia to brief the country’s finance minister. Less than two months ago the government of Venezuela was recognized by the Association of Cryptocurrency and Blockchain which is based in Russia for standing up to the de-facto powers that control the global financial system.

According to a former official of U.S. Department of Justice, Claiborne Porter, the interest of Russia in the petro was driven by the fact that the country is also currently regarded by the west as a pariah. And as the EU-U.S. relationship gets increasingly tense the two countries are seeking ways through which they can demonstrate their political strength as they move funds outside the financial system of America. Over the years Venezuela has received debt relief from Russia worth billions. Russia also a leading investor in the oil sector of Venezuela.