Rostec received a controlling stake in a sub-sanctioned bank

The share in Evrofinance Mosnarbank was transferred to Rostec, the Ministry of Finance reported. The bank is under US sanctionssince 2019, after the introduction of restrictive measures, VTB and Gazprombank transferred their shares of 50% + two shares to the Federal Property Management Agency

Rostec has received a stake in the Russian-Venezuelan Evrofinance Mosnarbank, which is on the US sanctions list, Deputy Finance Minister Alexei Moiseev told reporters.

"The decision was made. The contribution to the capital of Rostec has passed, ”said the Deputy Minister (quoted by TASS).

Rostec already owns Novikombank, which is also under severe US sanctions, its assets by the beginning of this year were 18.4 times higher than the assets of Evrofinance Mosnarbank, Kommersant points out. Sources of the newspaper in the financial market noted that the question of the purpose of the transaction remains open, since with the current volumes of Rostec, Novikombank was enough, and the state corporation could increase its capital and continue to work with the previous license.

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Rostec applied for this block of shares in February 2020, Kommersant wrote, Moiseev then clarified that the deal provides for the transfer of 50% plus two shares from the State Property to Rostec, this decision was approved by the country's government and the Ministry of Finance.

In September 2021, the deputy HEAD of the Ministry of Finance suggested that a decision would be made before the end of the year, options were considered with the transfer of the bank to Rostec or the sale to management. “Of course, we see that the first option is more likely. We, of course, as the Ministry of Finance want to make money, and therefore we are still hesitating. But something needs to be done with this asset. Even the Ministry of Foreign Affairs turned to us, said that they were dragging it out and let's make some decision, ”he added.

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The United States imposed sanctions against Evrofinance Mosnarbank about three years ago - in March 2019, it was added to the SDN (Specially Designated Nationals and Blocked Persons) list. This measure means blocking his assets in US jurisdiction, a ban on DOLLAR transactions and any transactions with US counterparties (including through correspondent accounts).

At that time, it was owned by three parties: the Venezuelan State Fund for National Development Fonden SA (owned by the Venezuelan Ministry of Economy) - 49.99%, two blocking packages (25% plus one share) were directly or indirectly at the disposal of Gazprombank and VTB. In April, VTB left the bank's capital, Gazprombank got rid of its share by the end of August, transferring it to the Federal Property Management Agency.

At the end of April this year, Expert RA downgraded the credit rating of Eurofinance Mosnarbank from ruBBB with a stable outlook to ruBB+ with a developing outlook. The agency explained this decision by changes in the ownership structure of the credit institution, “an increase in the concentration of large credit risks” and an increase in the level of guarantee payments.

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