U.S. sanctions Russia-based bank for financing Venezuela’s Petro cryptocurrency12

The U.S. Department of the Treasury is sanctioning EvryoFinance Mosnarbak, a jointly owned bank by Russian and Venezuelan state-owned companies, for being the "primary international financial institution willing to finance the Petro." The Petro is a cryptocurrency launched by the Venezuelan government that is supposed to be backed by the country's oil and mineral reserves as a means to circumvent U.S. sanctions.

Following the launch of the Petro, the Trump White House pushed an executive order banning "all transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the government of Venezuela."

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