[News] Portugal Bank Kidnaps Over $1.7 Billion in Venezuelan Cash - Total Now Over $30 Billion

Anti-Imperialist News news at freedomarchives.org
Fri May 10 11:21:40 EDT 2019


  Portugal Bank Kidnaps Over US $1.7 Billion in Venezuelan Cash

May 10, 2019

President Nicolas Maduro 
<https://www.telesurenglish.net/news/Maduro-Marches-With-Army-The-Future-of-Venezuela-Is-Peace-20190502-0009.html> has 
denounced the fact that several foreign countries are blocking funds 
from being transferred to Venezuelan government bank accounts. One of 
them is Portugal whose Novo Banco has blocked US $1.726 billion 
from making its way to Venezuela where the Maduro 
administration intended to use the funds to purchase basic goods for the 
Venezuelan people.

"I ask the Portuguese government to issue a statement. The Novo Banco 
kidnapped US$1,726 million which were meant to purchase medicines, food 
and supplies," said Maduro during a press conference Thursday.

"I will not tire of denouncing the U.S. government of stealing more than 
US $30 billion from Venezuela,” tweeted the Bolivarian president, who 
added that his country will increase its defense against United States 
President Donald Trump's 
<https://www.telesurenglish.net/news/Trump-Admin-Wants-500M-to-Fund-Its-Intervention-in-Venezuela-20190312-0007.html> imperialist blockade that 
is an "inhuman sabotage against all our imports."

Venezuela is currently conducting a global campaign to denounce the U.S. 
financial blockade and economic sanctions that for nearly two years have 
prevented the purchase of medicines and food and impede the development 
of the South American nation.

Since January 2019 
<https://www.state.gov/e/eb/tfs/spi/venezuela/>alone, the Trump 
administration has slapped sanctions on the state-run Petroleos de 
Venezuela, S.A. (PDVSA), its Central Bank and individuals working in the 
South American country's gold industry. These decrees have made it 
impossible for the Venezuelan government to transfer funds or pay its 
debts, driving down the economy.

*"Trump's appropriation of Venezuelan financial resources: Bank of 
England US$1,359 million, Citibank US$220 million, Bank of Glemstrem 
US$509 million, North Capita US$267 million, Novo Bank US$1,726 million, 
Sumitomo US$467 million. Trump Unblock Venezuela."*

In April, the U.S.-based Center for Economic and Policy Research (CEPR) 
released an study demonstrating that Trump’s sanctions against the Latin 
American country are responsible for the death of more than 
40,000 people due to the lack of timely health care.

Venezuelans on Thursday demonstrated outside the Portuguese embassy in 
Caracas to demand the inmediate release of their financial resources.

Most of the protesters were senior citizens who carried banners that 
read: "Release our medicine, Portugal"; "We need health supplies"; "Say 
No to the U.S. blockade" and "Respect Venezuela."

According to an investigation by the Latin American Geopolitical 
Strategic Center (Celag), the financial blockade against Venezuela 
prompted a decrease in the Venezuelan gross domestic product equivalent 
to US$350 billion between 2013 and 2017.

It was reported back in January that Novo Banco had blocked the transfer 
of at least US$1.2 billion to Venezuela from the financial entity that 
is 75 percent-owned by U.S. private equity firm Lone Star Funds.

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