Russia’s Evrofinance to Operate in Venezuela, Gazette Says
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Venezuela authorized Moscow-based Evrofinance Mosnarbank SA, in which it has a 49 percent stake, to operate in Caracas as a commercial bank, according to a resolution published today in the Official Gazette.
Russia and Venezuela signed an agreement in 2008 to create a bilateral bank to fund joint oil and infrastructure projects, according to state-run news agency Agencia Venezolana de Noticias. Venezuela paid $400 million to buy its participation in Evrofinance in February, according to Moscow-based news agency RIA Novosti. Evrofinance will open one office in Caracas, the Gazette said.