Treasury sanctioned Russia's Evrofinace, sending a clear message to other foreign lenders
Venezuela's President Nicolas Maduro. A Russian bank was sanctioned from using the American financial system due to its support of the ruling Socialists United Party. photo credit: ASSOCIATED PRESS
Evronfinance was involved in helping Venezuela's president Nicolas Maduro set up the nation's cryptocurrency last year as an end-around potential sanctions. Sanctions have now hit and are getting worse for the struggling Venezuelan leadership. Sanctions on Evrofinance make it harder for them to deal with American service providers as well. It essentially cuts them off from the U.S. financial system.
"The bank will unconditionally meet all its commitments to clients and partners in full scope," the bank's press office said shortly after sanctions were announced this morning. Chinese walk past a branch office of the China Development Bank in Beijing. The bank has over a billion dollars waiting to be paid by the Venezuelans. photo credit: ASSOCIATED PRESS
Venezuela's Constitution gives the National Assembly president more power than the Vice President in terms of secession. That would be akin to Nancy Pelosi being the true second-in-command in the event President Trump was incapacitated and could no longer serve.
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