VENEZUELA, JULY 12, 2016 – Citigroup Inc (C.N) said its unit will stop correspondent banking and servicing of certain accounts in Venezuela.
Venezuela President Nicolas Maduro said on Monday that Citibank planned to shut his government’s foreign currency accounts within a month, denouncing the move by one of its main foreign financial intermediaries as part of a “blockade.”
Citibank said the decision was taken after a periodic risk management review.
Due to strict currency controls in place since 2003, the Venezuelan government relies on Citibank for foreign currency transactions.
