Evrofinance Mosnarbank and Venezuela's Sunacrip sign digital development agreement

MOSCOW. Dec 15 (Interfax) - Russian-Venezuelan Evrofinance Mosnarbank and Venezuela's National Superintendence of Cryptoassets and Related Activities (Sunacrip) have signed an agreement on digital development, an Interfax correspondent reported from the signing ceremony held on the sidelines of a meeting of the Russia-Venezuela intergovernmental commission.

The signing ceremony was attended by the Evrofinance Mosnarbank CEO Sergei Yarosh and Sunacrip head Joselit Ramirez.

Rostec, which owns Russia's stake in Evrofinance Mosnarbank (50% plus two shares) announced in November that a set of digital financial instruments would be developed for managing cross-border transactions. The new instruments are expected to help handle mutual settlements as part of trade and economic cooperation between Russia and Venezuela and other parties concerned. One of the future products will be a digital platform for raising investment and searching for business partners.

The 50% Evrofinance Mosnarbank stake minus two shares is held by the Fonden Venezuelan Development Fund, which was sanctioned by the United States in March 2019 in connection with the PDVSA Venezuelan state-owned oil company.