Published On: Tue, Jul 12th, 2016

Citibank to close key Venezuela payment account

Venezuela's President Nicolas Maduro speaks during a news conference at Miraflores Palace in CaracasCARACAS - Citibank plans to close the account Venezuela uses to make international payments, President Nicolas Maduro said Monday, accusing the US-based bank of a “financial blockade.”

“Citibank, with no warning or communication, says that it is going to close the Central Bank and Bank Of Venezuela account. That is what you call a financial blockade,” the embattled president said in televised remarks.

He said the move amounted to an “inquisition” by US President Barack O ..Maduro said his South American nation, a major oil producer, uses the account to make payments “within 24 hours, to other accounts in the United States and worldwide.”

Maduro’s socialist government has often claimed that US “rightwing” interests and local business elites were trying to blockade his state-led economy and prevent Venezuela’s access to international credit.

“Do you think they are going to stop us by putting in place a financial blockade? No, ladies and gentlemen, nobody stops Venezuela. With Citibank or without it, we are moving forward. With Kimberly or without, we are moving.”

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