CARACAS: 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.
Maduro's socialist government has often claimed that US interests and local business elites were trying to undermine 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."
Earlier Monday the government moved to let workers to assume control of the Venezuela facilities of US consumer goods giant Kimberly-Clark, two days after the company announced it would cease production because of high inflation and difficulties getting enough hard currency to buy raw materials.
Labor Minister Oswaldo Vera said at the facility's plant in the central city of Maracay the government would "authorize immediate occupation of the workplace known as Kimberly-Clark de Venezuela... by its workers."
After signing the authorization, Vera said machines would be back in operation within hours.
Before the move, Kimberly-Clark warned in a statement that if the government does take over the facilities, "it will be responsible for the well-being of the workers and the physical assets, equipment and machinery in the facilities going forward."
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