The US on Friday sanctioned a major Venezuelan bank in retaliation for the arrest of a senior aide to opposition leader Juan Guaido whom Washington recognizes as the leader of the crises-wracked country.

The designation of Banco de Desarrollo Economico y Social de Venezuela, or BANDES, also includes four of its subsidiaries, according to the Treasury Department. "Regime insiders have transformed BANDES and its subsidiaries into vehicles to move funds abroad in an attempt to prop up Maduro," Treasury Secretary Steven Mnuchin said, referring to the Venezuelan president.

"Maduro and his enablers have distorted the original purpose of the 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," he added.

The bank's four subsidiaries that were also blacklisted include Banco Bicentenario del Pueblo, de la Clase Obrera, Mujer y Comunias, Banco Universal C.A; Banco de Venezuela, S.A. Banco Universal; Uruguay-based Banco Bandes Uruguay S.A.; and Bolivia-based Banco Prodem S.A.

Guaido supported the sanctions designation in a Twitter post. Referring to the arrest of a senior aide by the Venezuelan government, Guaido said he will not allow them "to continue stealing our assets to finance the kidnapping of our brothers." "Everything outside our constitution will have consequences," he added.

The penalties are retaliation for Venezuela's arrest of Roberto Marrero, Guaido's chief of staff who was taken into custody Thursday on terrorism charges.Guaido declared himself the country's interim president in January, insisting Venezuelan President Nicolas Maduro step down from power.

The US and dozens of other nations have recognized Guaido as the country’s rightful leader as Maduro insists he is the target of a US-orchestrated coup.

The political stalemate comes as Venezuela grapples with a worsening economic crisis that has led to widespread shortages of goods throughout the country and which has seen Venezuela's national power grid collapse for a week. Venezuela's economy has been in precipitous decline following a global downturn in the price of crude oil, the country's main export. Turkey, Russia, Iran, Cuba, China and Bolivia have maintained their support for Maduro.</s>US slaps sanctions on Venezuelan bank over support to Maduro

Washington, March 23: The United States on Friday slapped sanctions on a key Venezuelan bank, BANDES and four affiliates over their support for President Nicolas Maduro. The US move came just hours after Maduro's regime defied the United States and arrested a top aide of opposition leader Juan Guaido, whom Washington recognizes as the crisis-hit country's interim leader.

Venezuelan Interior Minister Nestor Reverol accused the aide, Roberto Marrero, a 49-year-old lawyer who serves as Guaido's chief of staff, of leading a "terrorist cell" bent on attacking the government's leadership. The companies sanctioned are BANDES, a state-controlled bank; Banco Bandes Uruguay; Banco Bicentenario del Pueblos; Banco Universal SA Banco de Venezuela; and Banco Prodem SA, of Bolivia.

"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 US persons are blocked and must be reported to OFAC," the Treasury Department Office of Foreign Assets Control (OFAC) statement said.

"Maduro and his enablers have distorted the original purpose of the bank, which was founded to help the economic and social wellbeing of the Venezuelan people, as part of a desperate attempt to hold onto power," Treasury Secretary Steven Mnuchin said.

"Roberto Marrero and other political prisoners must be released immediately," Mnuchin stressed.

National Security Advisor John Bolton said on Twitter that "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.Do not test the resolve of this Administration." The United States has repeatedly warned Maduro's government against arresting Guaido or his close aides, saying it would face unspecified repercussions. US President Donald Trump reiterated this week he was considering "all options" at his disposal to see Maduro dislodged and Guaido installed in power, implying military action if he deemed it necessary.

US Vice President Mike Pence said in an op-ed in the Miami Herald Friday that "Nicolas Maduro must go." A UN spokesman Thursday expressed "concern" at the arrest, urging "all actors in Venezuela to take immediate steps to lower tensions and refrain from any action that could lead to further escalation."</s>Venezuelan opposition deputy Dennis Fernandez (L) requests information on the detention of Roberto Marrero, the chief of staff of opposition leader and self-proclaimed interim president Juan Guaido, at the entrance of the intelligence service (SEBIN) headquarters in Caracas

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Washington (AFP)

The United States on Friday slapped sanctions on a key Venezuelan bank, BANDES and four affiliates over their support for President Nicolas Maduro.

The US move came just hours after Maduro's regime defied the United States and arrested a top aide of opposition leader Juan Guaido, whom Washington recognizes as the crisis-hit country's interim leader.

Venezuelan Interior Minister Nestor Reverol accused the aide, Roberto Marrero, a 49-year-old lawyer who serves as Guaido's chief of staff, of leading a "terrorist cell" bent on attacking the government's leadership.

The companies sanctioned are BANDES, a state-controlled bank; Banco Bandes Uruguay; Banco Bicentenario del Pueblos; Banco Universal SA Banco de Venezuela; and Banco Prodem SA, of Bolivia.

"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 US persons are blocked and must be reported to OFAC," the Treasury Department Office of Foreign Assets Control (OFAC) statement said.

"Maduro and his enablers have distorted the original purpose of the bank, which was founded to help the economic and social wellbeing of the Venezuelan people, as part of a desperate attempt to hold onto power," Treasury Secretary Steven Mnuchin said.

"Roberto Marrero and other political prisoners must be released immediately," Mnuchin stressed.

National Security Advisor John Bolton said on Twitter that "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. Do not test the resolve of this Administration."

The United States has repeatedly warned Maduro's government against arresting Guaido or his close aides, saying it would face unspecified repercussions.

US President Donald Trump reiterated this week he was considering "all options" at his disposal to see Maduro dislodged and Guaido installed in power, implying military action if he deemed it necessary.

US Vice President Mike Pence said in an op-ed in the Miami Herald Friday that "Nicolas Maduro must go."

A UN spokesman Thursday expressed "concern" at the arrest, urging "all actors in Venezuela to take immediate steps to lower tensions and refrain from any action that could lead to further escalation."

? 2019 AFP</s>The US Treasury has imposed sanctions on Venezuela's Economic and Social Development Bank and on four other institutions affiliated with it, calling in its statement for the release of Juan Guaido's Chief of Staff Roberto Marrero.

While the move came as official US retaliation for Caracas' targeting the associates of the wannabe president, US Treasury Secretary Steven Mnuchin painted the Bank – known under its Spanish acronym BANDES – as the most vile organization and definitely worth sanctioning.

“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,” Mnuchin said in a statement.

On top of that, the official accused Venezuelan authorities of the “kidnapping, torture, and murder of Venezuelan citizens” and urged Caracas to release all “political prisoners,” including Marrero aide to the self-proclaimed president Guaido.

Venezuelan authorities arrested the chief of staff to ‘interim president’ Juan Guaido on Thursday during a raid on a "terrorist cell" that planned attacks on the country's officials. The government also released images of two rifles allegedly seized by the Venezuelan Bolivarian National Intelligence Service (SEBIN) during the raid on Marrero’s house. Guaido had earlier accused the security forces of ‘planting’ the weapons.

The opposition’s stance on the arrest was supported by the main sponsor of Guaido, the United States, with the National Security Advisor John Bolton calling it a “big mistake” and vowing retaliation earlier on Friday.

BANDES is a Venezuelan federal public company, associated with the Ministry of Finance, which was formed back in 2001. The bank focuses on financing projects, contributing towards development of the country – infrastructure, mass transportation, housing, industry and so on. One of the most notable projects involving BANDES was the launch in 2011 of the Chery Venezuela car factory in cooperation with China.

If you like this story, share it with a friend!</s>WASHINGTON (Reuters) - The United States imposed sanctions on Venezuela’s development bank Bandes, a day after the Trump administration warned there would be consequences for the arrest of opposition leader Juan Guaido’s top aide.

The U.S. Treasury said it was slapping the sanctions on the Banco de Desarrollo Economico y Social de Venezuela, including its subsidiaries in Uruguay and Bolivia.

“(President Nicolas) Maduro and his enablers have distorted the original purpose of the bank ... as part of a desperate attempt to hold onto power,” U.S. Treasury Secretary Steven Mnuchin said in a statement announcing the action.

Guaido, who invoked the constitution to assume the interim presidency in January, has accused Bandes of being used by officials of Maduro’s government to steal funds.

The U.S. Treasury said Maduro tried to move $1 billion out of Venezuela through Banco Bandes Uruguay in early 2019.

Bandes has received billions of dollars over the past decade from the China Development Bank, in exchange for oil, which the Venezuelan government used to fund infrastructure projects.

The sanctions freeze assets belonging to the bank and its subsidiaries, and prevent U.S. citizens from any dealings with Bandes.

The announcement comes after Venezuelan authorities detained Guaido’s chief of staff, Roberto Marrero, on Thursday in a pre-dawn raid, sparking vows of reprisals from the United States, which backs Guaido.</s>WASHINGTON (Reuters) - The United States imposed sanctions on Venezuela’s development bank, Bandes, a day after the Trump administration warned there would be consequences for the arrest by Venezuelan authorities of opposition leader Juan Guaido’s top aide.

The U.S. Treasury said on Friday it was slapping the sanctions on the Banco de Desarrollo Economico y Social de Venezuela, including its subsidiaries in Uruguay and Bolivia.

Congress head Guaido, who invoked the constitution to assume the interim presidency in January, has accused Bandes of being used by officials of the government of President Nicolas Maduro to steal funds.

The White House said in a statement it was committed to preventing Maduro’s government from stealing Venezuela’s resources and from arresting those pushing for political change.

Guaido’s chief of staff, Roberto Marrero, was detained in a pre-dawn raid on Thursday, sparking vows of reprisals from the United States, which along with most Western countries backs Guaido.

“The United States will not tolerate the arrest of peaceful democratic actors, including members of the democratically-elected Venezuelan National Assembly and those Venezuelans working with interim President Juan Guaido,” the White House said in a statement.

The U.S. Treasury said Maduro tried to move $1 billion out of Venezuela through Banco Bandes Uruguay in early 2019 as he came under increasing pressure from the United States and other countries in the region to step down.

Uruguay has stayed neutral on Venezuela’s political crisis and has called for dialogue.

Bandes has received billions of dollars over the past decade from the China Development Bank, in exchange for oil, which the Venezuelan government used to fund infrastructure projects.

The sanctions freeze assets belonging to the bank and its subsidiaries, and prevent U.S. citizens from any dealings with Bandes. They follow a raft of other sanctions imposed by the administration of U.S. President Donald Trump in recent months against Maduro, top government officials, and state oil firm PDVSA.

Trump’s national security adviser John Bolton 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. Do not test the resolve of this Administration.”

Maduro’s government accuses Washington of waging a “economic war” to force them from power and has said that the sanctions only harm regular Venezuelans.</s>WASHINGTON, March 22 (Reuters) - The United States imposed sanctions on Friday on state-owned Venezuelan development bank Bandes in response to the arrest of an aide to opposition leader Juan Guaido, saying the government had used it to prop itself up by moving assets abroad.

"(President Nicolas) Maduro and his enablers have distorted the original purpose of the bank ... as part of a desperate attempt to hold onto power," U.S. Treasury Secretary Steven Mnuchin said in a statement announcing the action.</s>WASHINGTON (Reuters) - The United States imposed sanctions on Venezuela’s development bank, Bandes, a day after the Trump administration warned there would be consequences for the arrest by Venezuelan authorities of opposition leader Juan Guaido’s top aide.

The U.S. Treasury said on Friday it was slapping the sanctions on Banco de Desarrollo Economico y Social de Venezuela, including its subsidiaries in Uruguay and Bolivia.

Congress head Guaido, who invoked the constitution to assume the interim presidency in January, has accused Bandes of being used by President Nicolas Maduro’s government to funnel money outside Venezuela.

The White House said in a statement it was committed to preventing Maduro’s government from stealing Venezuela’s resources and from arresting those pushing for political change.

Venezuela’s information ministry did not immediately respond to a request for comment.

Guaido’s chief of staff, Roberto Marrero, was detained in a pre-dawn raid on Thursday, sparking vows of reprisals from the United States, which along with most Western countries backs Guaido as Venezuela’s rightful leader.

“The United States will not tolerate the arrest of peaceful democratic actors, including members of the democratically-elected Venezuelan National Assembly and those Venezuelans working with interim President Juan Guaido,” the White House said in a statement.

The U.S. Treasury said Maduro tried to move $1 billion out of Venezuela through Banco Bandes Uruguay in early 2019 as he came under increasing pressure from the United States and other countries in the region to step down.

Bandes has received billions of dollars over the past decade from the China Development Bank, in exchange for oil, which the Venezuelan government used to fund infrastructure projects.

Uruguay has stayed neutral on Venezuela’s political crisis and has called for dialogue, while China, Russia and regional ally Cuba have backed Maduro.

But the sanctions on Bandes could test Beijing’s ties with Caracas, since it would impede Venezuela from restructuring its $20 billion debt with China, opposition lawmaker Angel Alvarado said on Friday.

“That makes it even less likely that China will step in to save Maduro,” Alvarado wrote on Twitter. Guaido and his allies have repeatedly argued that China and Russia are more likely to collect on their loans to Venezuela with Maduro out of office.

The sanctions freeze assets belonging to the bank and its subsidiaries, and prevent U.S. citizens from any dealings with Bandes. They follow a raft of other sanctions imposed by the administration of U.S. President Donald Trump in recent months against Maduro, top government officials, and state oil firm PDVSA.

Trump’s national security adviser John Bolton 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. Do not test the resolve of this Administration.”

Maduro’s government accuses Washington of waging a “economic war” to force them from power and has said that the sanctions only harm regular Venezuelans.

The United States also on Friday imposed sanctions on other state-owned Venezuelan banks, including Banco de Venezuela and Banco Bicentenario. It said that Visa, Mastercard and American Express would be prohibited from facilitating transactions involving those banks, beginning in March 2020.</s>WEST PALM BEACH, Fla. — The Latest on President Donald Trump's meeting with leaders from the Caribbean. (all times local):

The U.S. Treasury Department says it has sanctioned BANDES, Venezuela's national development bank, and four additional subsidiaries that BANDES owns or controls.

The department says the sanctions are in response to the illegal arrest of Roberto Marrero, chief of staff to opposition leader Juan Guaido. It's the latest salvo in the battle for power between in Venezuela between President Nicolas Maduro and Guaido.

Treasury made the announcement while the president was meeting Friday with leaders from five Caribbean nations.

The U.S. had already sanctioned scores of top Venezuelan officials and has blocked U.S. banks from doing business with Venezuela, putting a financial strangle-hold on the cash-strapped country.

The political and economic crisis in Venezuela tops the agenda of President Donald Trump's meeting Friday with leaders from the Caribbean, a region that has been far from united in joining the U.S. call for the ouster of President Nicolas Maduro.

Trump is hosting leaders of Jamaica, Bahamas, Haiti, Dominican Republic and St. Lucia at his affluent Mar-a-Lago club in Palm Beach, Florida to show his support for Caribbean countries that back democratic transition in Venezuela. The five have either denounced Maduro, or have joined more than 50 countries in recognizing Juan Guaido as the interim leader.

The crisis has put some Caribbean nations in a tough spot.

For years, Venezuela has provided then with a reliable supply of oil on low-credit terms, leaving them indebted to Caracas.</s>The United States on Friday (local time) sanctioned Venezuela's state-owned Bandes bank as a retaliatory measure after the Nicolas Maduro-led regime arrested one of Juan Guaido's closest aides.

"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. Do not test the resolve of this Administration," US National Security Advisor John Bolton tweeted.

The bank's four additional subsidiaries have also been designated. All properties owned by the bank and its entities in the United States have been blocked, an official notification by the US Treasury Department noted.

"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 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," Treasury Secretary Steven T Mnuchin stated.

"The regime's continued use of kidnapping, torture, and murder of Venezuelan citizens will not be tolerated by the US or the international coalition that is united behind President Guaido. Roberto Marrero and other political prisoners must be released immediately," he added.

The sanctions come a day after Bolton promised to take action against the Maduro regime in the wake of Roberto Marrero's arrest.

Venezuela's intelligence service had detained two of Guaido's associates, out of which one has been recognised as Marrero who had rifles and a grenade in possession at the time of arrest. The Latin American nation's Minister of Interior Nestor Reverol on Thursday alleged that Marrero was part of a terror cell which planned attacks.

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While one of the arrested has been let off, Marrero still continues to be under detention.

"When the dictator Maduro uses imprisonment & intimidation against the legitimate government of Venezuela, America will respond. The United States will continue to stand strong with the people of Venezuela. FREE MARRERO NOW!" US Vice President Mike Pence tweeted on Friday.

Venezuela has been in the throes of a political crisis after Guaido proclaimed himself as the President of the nation in January. The United States immediately recognised Guaido's claim and back the opposition leader, along with asking other countries to recognise Guaido as the interim President.

Maduro, who is the elected President of the nation, decried the events and accused the US of plotting a coup to overthrow him by supporting Guaido. He continues to hold on to his post despite calls by the international community for fresh elections.

Amongst other sanctions, the United States has previously proscribed Venezuela's state-owned oil and natural gas company PDVSA in a bid to stifle funding to the Maduro regime.
Just hours after Marrero's detention, the United States Department of the Treasury responds by placing sanctions on BANDES, the Venezuelan Economic and Social Development Bank and four of its subsidiaries.