Credit Suisse has barred its traders from buying or selling certain Venezuelan securities as the political and economic crisis in the South American country intensifies.
The bank will no longer trade two bonds issued by the government and the state oil company or any notes from a Venezuelan entity issued after June 1, according to an August 7 company memo seen by Bloomberg. The bank is also restricting business with Venezuelan private individuals and companies.
The decision comes after the U.S. began imposing sanctions on some Venezuelan officials in response to the anti-democratic turn of President Nicolas Maduro, who installed a widely criticized assembly to rewrite the country’s constitution. It also marks a victory for Venezuela’s opposition leaders, who had been urging Wall Street banks not to throw Maduro a financial lifeline, and spearheaded a public shaming of Goldman Sachs Asset Management after it purchased some of the securities now prohibited by Credit Suisse.
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