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Venezuela's Russian Bank Grows Assets as U.S. Sanctions Hit Home

  • Evrofinance Mosnarbank’s net assets grew 52% last year
  • Stake in bank was purchased under former President Chavez
Rubles to the Rescue

A small state-run bank in Moscow which is half-owned by Venezuela’s government was one of Russia’s fastest growing lenders last year at a time when President Nicolas Maduro tries to work around U.S. sanctions and asset freezes that are crippling his country’s finances.

Evrofinance Mosnarbank, owned by Venezuela’s development bank and Russia’s state-controlled Gazprombank and VTB Group, was in the top ten percent of Russia’s 100 biggest lenders last year in terms of growth in assets. Its net assets surged 52 percent to 66 billion rubles ($1 billion), making it Russia’s 82nd largest, according to Banki.ru calculations based on central bank data.