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US Treasury Department sanctions Venezuela's Bandes

US Treasury Department sanctions Venezuela's Bandes

The US Treasury Department imposed sanctions against Venezuela’s national development bank and four financial institutions it controls, alleging it helped prop up the government of the country’s president, Nicolas Maduro.

The other institutions sanctioned on Friday are: Banco Bandes Uruguay S.A., based in Uruguay; Banco Bicentenario del Pueblo, de la Clase Obrera, Mujer y Comunias, Banco Universal C.A., based in Venezuela; Banco de Venezuela, SA Banco Universal, based in Venezuela; and Banco Prodem SA, based in Bolivia.

The sanctions against the banks envisage freezing their assets in the United States.

The statement notes that Nicolas Maduro and his assistants 'in an attempt to keep the power, distorted the initial role of the bank which was established to promote the social and economic prosperity of the Venezuelan people."

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