Russian Federation

Gazprombank intends to transfer its stake in Eurofinance Mosnarbank to Federal Property Management Agency and conducts relevant consultations

TASS Russian News Agency | Mar 15, 2019 at 12:04 PM
  • On March 11, the U.S. Treasury added the Russian-Venezuelan Eurofinance Mosnarbank to the sanction list due to the situation in Venezuela.
  • On March 13, Visa and MasterCard suspended Eurofinance Mosnarbank’s membership.
  • Eurofinance Mosnarbank is 49.99% owned by the Venezuelan national development fund Fonden S.A., while 25% plus 1 share each are owned by Gazprombank (and its subsidiary Novfintech) and VTB (and its foreign structures VTB Bank and ITC Consultants).

Russian Federation

Eurofinance Mosnarbank may be capitalized after its transfer to Russian Federation treasury – Siluanov

TASS Russian News Agency | Mar 15, 2019 at 11:44 AM
  • Head of VTB, Andrei Kostin, even before the introduction of the US sanctions, announced VTB’s plans to withdraw from the bank’s capital.
  • On March 13, Visa and MasterCard suspended Eurofinance Mosnarbank’s membership.
  • Eurofinance Mosnarbank is 49.99% owned by the Venezuelan national development fund Fonden S.A., while 25% plus 1 share each are owned by Gazprombank (and its subsidiary Novfintech) and VTB (and its foreign structures VTB Bank and ITC Consultants).

Russian Federation

Russia believes Western sabotage caused Venezuelan blackout

TASS Russian News Agency | Mar 15, 2019 at 11:34 AM
  • Moscow believes that an act of Western sabotage was the reason behind the recent large-scale power outage in Venezuela, Russian Foreign Ministry Spokeswoman Maria Zakharova said at a briefing on Friday.
  • Zakharova also noted that Western countries were increasingly using such harmful methods, aimed at affecting infrastructure facilities, as part of the so-called hybrid war.

Japan

U.S. mulls sanctions to limit Visa, Mastercard in Venezuela

Japan News | Mar 15, 2019 at 11:15 AM
  • The United States is considering imposing financial sanctions that could prohibit Visa Inc., Mastercard Inc. and other financial institutions from processing transactions in Venezuela, a senior Trump administration official said on Thursday.
  • The move, which has not been finalized, would represent another step in tightening the financial noose on the government of President Nicolas Maduro and his supporters.
  • U.S. President Donald Trump’s administration has hit Maduro’s government, his political allies and Venezuela’s state-owned oil company PDVSA with a series of sanctions since recognizing opposition leader Juan Guaido as the country’s interim president at the end of January.

France

World can rely on OPEC supply cushion for urgent oil needs: IEA

France 24 | Mar 15, 2019 at 9:08 AM
  • Production cutbacks by OPEC nations are building a supply cushion that could be called upon to mitigate a possible supply shock from an abrupt drop in crisis-hit Venezuela’s output, the IEA said Friday.
  • With a nationwide blackout that paralysed the country for one week, demonstrating the unreliability of the country’s electricity network, new questions are being raised about Venezuela’s ability to continue to produce and export oil.
  • The IEA left unchanged its forecast for non-OPEC supply increasing to 64.4 mbd this year from a revised 62.7 mbd in 2018, a gain of 1.7 mbd.

United States

Venezuela’s electricity crisis could trigger ‘serious disruption’ to the oil market, IEA warns

CNBC | Mar 15, 2019 at 9:00 AM
  • A nationwide power failure in crisis-stricken Venezuela could trigger “serious disruption” to the oil market, the International Energy Agency (IEA) warned on Friday.
  • The outage crippled the OPEC member country’s oil exports and left millions of citizens struggling to find food and water.
  • International benchmark Brent crude traded at around $67.43 Friday morning, up 0.3 percent, while U.S. West Texas Intermediate (WTI) stood at $58.76, around 0.25 percent higher.