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bank, which was founded to help the economic and social well-being of the
Venezuelan people, as part of a desperate attempt to hold onto power." Mnuchin warned, "The regime's continued use of kidnapping, torture, and murder of Venezuelan citizens will not be tolerated by the U.S. or the international coalition that is united behind President Guaido. Roberto Marrero and other political prisoners must be released immediately."
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The sanctions mean that "all property and interests in property of these entities, and of any entities that are owned, directly or indirectly, 50 percent or more by this entity, that are in the United States or in the possession or control of U.S. persons are blocked" and they "prohibit all dealings
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said, "The willingness of Maduro's inner-circle to exploit
Venezuela’s institutions knows no bounds. Regime insiders have transformed BANDES and its subsidiaries into vehicles to move funds abroad in an attempt to prop up Maduro. Maduro and his enablers have distorted the original purpose of the
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projects that contribute toward the development of
Venezuela. It was founded in 2001. It has subsidiaries that are based in Venezuela, Uruguay and Bolivia; the subsidiaries are Banco Bandes Uruguay, Banco Bicentenario del Pueblos, Banco Universal SA Banco de Venezuela, and Banco Prodem SA, of
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responded on 22 March 2019 by placing sanctions on BANDES and four of its subsidiaries. The Maduro administration issued a statement saying that it "energetically rejects the unilateral, coercive, arbitrary and illegal measures" that would affect banking for millions of people.
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by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked or designated persons." Prohibition on credit card processing through the sanctioned banks would begin in March 2020.
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attempted to move over US$ 1 billion from
Venezuela to Banco Bandes Uruguay. Alejandro Andrade—BANDES former president—is serving a ten-year sentence after pleading guilty in Florida to accepting millions of dollars in bribes.
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tweeted, "BANDES bank is to
Venezuela's financial sector what PDVSA is to its oil sector. This action will severely affect any attempted currency movements by Maduro and his cronies moving forward." Bolton told
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57:'s $ 4 billion, to create the China-Venezuela Joint Fund. The fund's goal is to offer capital for infrastructure projects in Venezuela to be built by Chinese companies.
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said this action "put 'the entire banking sector' on notice" that "persons operating in
Venezuela's financial sector may be subject to sanctions."
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China
Development Bank has paid billions of dollars through BANDES to the Venezuelan government in exchange for crude oil. In 2019,
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The
Latecomer's Rise: Policy Banks and the Globalization of China's Development Finance
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183:(Press release). US Department of the Treasury. 22 March 2019
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the sanctions were a direct response to
Marrero's arrest.
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Wroughton, Lesley and Deisy
Buitrago (22 March 2019).
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Venezuelan Development Bank (BANDES) official webpage
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In 2007, BANDES contributed $ 2 billion, along with
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Banco de Desarrollo EconĂłmico y Social de Venezuela
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69:Sanctions
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