US Sanctions Venezuelan State-Owned 'BANDES' National Development Bank - Treasury

WASHINGTON (UrduPoint News / Sputnik - 23rd March, 2019) The United States has imposed sanctions against Venezuela's state-owned national development bank known as BANDES and its subsidiaries, the US Department of the Treasury said in a press release on Friday.

"Today, the Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Banco de Desarrollo Economico y Social de Venezuela, or BANDES, pursuant to E.O.[executive order] 13850, as amended, for operating in the financial sector of the Venezuelan economy, as well as four additional financial institutions that BANDES owns or controls," the release said.

The release said the sanctions are being imposed in response to the arrest of Roberto Marrero - aide to Venezuela's self-proclaimed interim president Juan Guaido - by the government of President Nicolas Maduro.

US Treasury Secretary Steven Mnuchin said in the release that Maduro is using BANDES and its subsidiaries to move funds abroad as an attempt to hold onto power.

The other subsidiaries include Banco Bandes Uruguay SA; Banco Bicentenario del Pueblo, de la Clase Obrera, Mujer y Comunias, Banco Universal CA; Banco de Venezuela, SA Banco Universal; and Banco Prodem SA.

In January, US-backed opposition leader Guaido illegally declared himself interim president of Venezuela after disputing Maduro's reelection victory in May. Washington immediately endorsed Guaido, called on Maduro to step down, and seized billions of Dollars' worth of Venezuela's oil assets.

Maduro has accused the United States of trying to orchestrate a coup in order to install Guaido as a puppet leader beholden to Washington. Russia, China, Cuba, Bolivia, Turkey and a number of other countries have voiced their support for Maduro as the only legitimate president of Venezuela.