Rostec and Venezuela to Develop a Digital Financial Instrument Line

Rostec and Venezuela to Develop a Digital Financial Instrument Line

Rostec State Corporation will develop a digital financial instrument line for cross-border settlement management on the basis of Russian-Venezuelan JSB Evrofinance Mosnarbank. Implementation of the project will enable linked settlements within business and trade cooperation between Russia and Venezuela and with other stakeholders. 

Sergey Yarosh, Chairman of the Board of Evrofinance Mosnarbank, and Carlos Rafael Faría Tortosa, Minister of People's Power for Foreign Affairs of the Bolivarian Republic of Venezuela, who visited Russia as a head of the government delegation, discussed the cooperation areas. 

For the project work, the bank uses a project office established by Rostec together with Scientific and Research Institute -Innovative Financial Instruments and Technologies at Plekhanov Russian University of Economics. A digital platform for investment promotion and business matching is one of future products. It will allow to make linked settlements within an international cooperation framework. 

Evrofinance Mosnarbank is ready to provide comprehensive support to its partners concerning the investments in Venezuela. For this purpose, a dedicated section containing the information about the projects of high priority for Venezuela is available on the bank website. The section contains investment laws and regulations of the Bolivarian Republic of Venezuela. If any questions arise, the bank personnel will provide additional assistance and advice – beginning from taxes to financial support of transactions with the whole range of bank capabilities.