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Report: Russian lender classifies information related to Venezuelan firms

Russia-based Timer Bank (PJSC), the financial recovery of which is overseen by sanctions-hit Bank Russian Financial Corp. JSC, has classified information subject to mandatory disclosure, including financial statements and information about affiliated parties, Kommersant reported March 11.

The decision was taken in connection with servicing the accounts of Venezuela-based companies by Timer Bank, which operates as part of the Bank Russian Financial Corp. group, according to the report.

Reuters recently reported that Russian bank accounts of Venezuelan companies, including those of state oil firm Petróleos de Venezuela SA, or PDVSA, are set to be transferred to Bank Russian Financial Corp., with the decision agreed upon with the Russian government.

Bank Russian Financial Corp. has been operating under U.S. sanctions since April 2018. The sanctions were imposed due to Russia's alleged meddling in the 2016 U.S. election and other activities.

AO Gazprombank decided to freeze PDVSA's accounts to mitigate the risk of falling under U.S. sanctions imposed on the company in January, Reuters reported.