Govt supports transfer of Evrofinance Mosnarbank to Rostec

MOSCOW, Oct 20 (PRIME) -- The Russian government has supported a proposal of the Finance Ministry to transfer Evrofinance Mosnarbank hit by the U.S. sanctions to state industrial corporation Rostec, Deputy Finance Minister Alexei Moiseyev told PRIME on Wednesday.

“We have decided with the management of Rostec. … We do these things rather often when such decisions are made, a presidential decree should be issued to transfer the shares of this or that (company) in state ownership to the shareholder equity of Rostec. … We suggested that the government transfer it to Rostec, and the government supported it,” he said.

In March 2019, the U.S. added Evrofinance Mosnarbank to the sanctions list for its connection with Venezuelan state oil and gas company PDVSA. After that, VTB Bank and Gazprombank transferred their stakes in the bank to the Federal State Property Management Agency. The other shareholder, Venezuela’s National Development Fund, Fonden, holds 49.99% in the bank.

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