Since the signing of the executive order of the government of Donald Trump, in August 2017, in which financial sanctions were issued against Venezuela, the country has faced an international financial blockade, as reveals the Sanctions and Blockade, Crime against Humanity against Venezuela report, prepared by the Legal Consulting dept of Petróleos de Venezuela (PDVSA).
In this regard, the report indicates that the accounts in correspondent banks such as Commerzbank AG, Citibank and Bank of China Frankfurt, in which Venezuela kept around 150,000 million dollars for August 2017, were closed from the measures imposed.
“The banks aligned themselves with the blockade preventing the use of resources for the acquisition of Food and Medicines. The resources remained blocked in the case of Bank of China in Frankfurt until March 2018″, says the document.
The report informs that, as a result of the sanctions, Venezuela has not been able to maintain accounts in US Dollars (USD), so it became necessary to search for European, Middle Eastern and Asian banks, seeing the need to adopt the Euro as main currency and use other emerging market currencies (Turkish liras, dirhams and yuan), a situation that has resulted in significant losses due to differential exchange and higher transactional and financial costs for the Republic.