Rostec to create digital financial instruments for transborder settlements on basis of Evrofinance Mosnarbank

MOSCOW. Nov 16 (Interfax) - Rostec will create a line of digital financial instruments for organizing transborder settlements on the basis of the Russian-Venezuelan Evrofinance Mosnarbank. The work on this track was discussed during meetings between the bank's President Sergey Yarosh and Carlos Faria Tortosa, Minister of Foreign Affairs of the Bolivarian Republic of Venezuela, the company said in a report.

"The most vital projects of Russian-Venezuelan trade-economic cooperation involving Rostec and the bank were determined following the two meetings. Including the efforts to promote Russian digital technologies in the sphere of civil aviation, in particular, the automatic information system Leonardo, and also in tourism, petroleum industry safety, finance and banking," Yarosh was quoted as saying in the report.

The new digital instruments will not be affected by sanctions and will make it possible to conduct mutual settlements in trade-economic cooperation between Russia and Venezuela, and also with other interested sides. The future products include a digital platform to draw investments and look for business partners.

In May 2022, the government decided to include in the capital of the state corporation Rostec Russia's share in Evrofinance Mosnarbank (50% plus two shares).

Evrofinance Mosnarbank, in which 50% minus two shares belong to the Venezuelan, was affected by U.S. sanctions in March 2019 for connections with the Venezuelan petroleum corporation PDVSA.

Before the bank was included in the U.S. SDN List, which de facto deprived it of the possibility of conducting forex settlements, he co-owners of the credit organization were VTB and Gazprombank . After the sanctions were imposed, VTB and Gazprombank transferred their packages to the Russian Federal Agency for State Property Management (Rosimushchestvo) (each held 25% + one share).