Hundreds of millions of dollars in cash has been shipped from Russia to Venezuela, providing a lifeline to the South American country as U.S. sanctions limit its access to the global financial system.
A total of $315 million of U.S. dollar and euro notes were sent in six separate shipments from Moscow to Caracas from May 2018 to April 2019, according to data reviewed by Bloomberg from ImportGenius, which compiled Russian customs records it obtains through private sources.
...As a consequence of the scrutiny, the central bank is conducting more transactions in cash, sometimes offering local clients access to euro bills.
ImportGenius’s data goes through April this year. That month, about $97 million in notes were sent in two loads from Moscow-based bank Evrofinance Mosnarbank to Venezuela’s Banco de Desarrollo Economico y Social de Venezuela, or Bandes. Evrofinance is a joint venture between Bandes and Russia’s state property management agency.
In January, $113 million worth of 100-euro bills were sent from state-controlled lender Gazprombank, which at the time had a stake in Evrofinance. The same entity shipped $50 million in U.S. dollar bills just two days earlier, and two separate shipments of unspecified currency totaling $55 million were made in May and July of last year.
Press officials for Evrofinance didn’t respond to requests for comment. Requests made to Bandes through Venezuela’s Finance Ministry were redirected to the Information Ministry, which didn’t respond.
A Venezuelan government official confirmed the country had received cash shipments tied to Evrofinance but declined further comment.
(Excerpt) Read more at themoscowtimes.com ...
"Vladimir... For the fuel, for the mining rights, for the political influence in the hemisphere... We must show Venezuela that though the Americans are weak and spineless, WE the RUSSIANS will protect and defend them. WE represent strength! Continuity! Steadfastness! So, Vladimir... It is time to send them money."
"...And Vladimir, remember: to send the right message, it should be in American dollars."
A total of $315 million of U.S. dollar and euro notes were sent in six separate shipments from Moscow to Caracas from May 2018 to April 2019, according to data reviewed by Bloomberg from ImportGenius, which compiled Russian customs records it obtains through private sources.
...As a consequence of the scrutiny, the central bank is conducting more transactions in cash, sometimes offering local clients access to euro bills.
ImportGenius’s data goes through April this year. That month, about $97 million in notes were sent in two loads from Moscow-based bank Evrofinance Mosnarbank to Venezuela’s Banco de Desarrollo Economico y Social de Venezuela, or Bandes. Evrofinance is a joint venture between Bandes and Russia’s state property management agency.
In January, $113 million worth of 100-euro bills were sent from state-controlled lender Gazprombank, which at the time had a stake in Evrofinance. The same entity shipped $50 million in U.S. dollar bills just two days earlier, and two separate shipments of unspecified currency totaling $55 million were made in May and July of last year.
Press officials for Evrofinance didn’t respond to requests for comment. Requests made to Bandes through Venezuela’s Finance Ministry were redirected to the Information Ministry, which didn’t respond.
A Venezuelan government official confirmed the country had received cash shipments tied to Evrofinance but declined further comment.
(Excerpt) Read more at themoscowtimes.com ...
"Vladimir... For the fuel, for the mining rights, for the political influence in the hemisphere... We must show Venezuela that though the Americans are weak and spineless, WE the RUSSIANS will protect and defend them. WE represent strength! Continuity! Steadfastness! So, Vladimir... It is time to send them money."
"...And Vladimir, remember: to send the right message, it should be in American dollars."