Russia and Venezuela are setting up a joint bank


Russia and Venezuela signed an agreement establishing a joint bank with an authorized capital of up to 4 billion U.S. dollars some days ago. The document was signed by the outcome of the negotiations that were conducted between the Prime Minister of the Russian Federation Vladimir Putin and the Venezuelan Vice President Ramón Alonso Karrisalesa, when the latter visited the capital of the Russian Federation Moscow the day before the negotiations.
As Deputy Finance Minister Dmitry Pankin explained to reporters the bank will be established on the basis of Eurofinance-Mosnarbanka. Its current shareholders have agreed to assign part of their shares in favor of Venezuela.

It is highly expected that the Venezuelan side of the bank’s new shareholders will include the State Treasury and the Bank of the Venezuelan oil corporation. The founder of the Bank from the Venezuelan side could become the Venezuelan Petroleum Corporation or the state development fund.
It is anticipated that the bank will be created in the course of this year. The share of Russia will most likely be 51% and it will be controlled by the bank VTB and Gazprombank.
According to D. Pankin, the bank will participate in the financing and implementation of many joint programs and projects between Russia and Venezuela. The headquarters of the new bank will be located in the capital of the Russian Federation – Moscow.


Russia and Venezuela are setting up a joint bank