July 12, 2016 / 11:17 AM / in a year

Citibank to close certain Venezuela accounts

(Reuters) - Citigroup Inc (C.N) said its unit will stop correspondent banking and servicing of certain accounts in Venezuela.

A man uses a Citibank ATM at a branch in Caracas, Venezuela July 12, 2016. REUTERS/Carlos Garcia Rawlins

Venezuela President Nicolas Maduro said on Monday that Citibank planned to shut his government’s foreign currency accounts within a month, denouncing the move by one of its main foreign financial intermediaries as part of a “blockade.”

Citibank said the decision was taken after a periodic risk management review.

Due to strict currency controls in place since 2003, the Venezuelan government relies on Citibank for foreign currency transactions.

Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta

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