Venezuelan President Nicolas Maduro has accused Citibank of mounting a "financial blockade" on the country after the US bank decided to close the government's international payments account with it. Citibank confirmed the move Tuesday, saying it made the decision "following a periodic risk management review," without explaining what that review found about its operations related to the deeply troubled Venezuelan economy.
Maduro said Monday that Citibank gave no warning when it decided to close the Venezuelan central bank's accounts with it.
"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 Obama's administration. Maduro said his South American nation, a major oil producer suffering heavily from the crash in crude prices, uses the account to make payments to other accounts in the United States and worldwide.
Danielle Romero-Apsilos, a Citi spokeswoman, said the decision came after a bank risk review. "This decision is not a reflection of our commitment to a country we have served for almost 100 years. We value our dialogue with the president's administration and hope to address its concerns in the interest of continuing to serve our clients," she said in a statement.