US puts banks 'on notice' over Venezuela

By Michael Hernandez

WASHINGTON (AA) - The U.S. put foreign banks and financial institutions "on notice" Wednesday, warning that facilitating any tractions with the Venezuelan government exposes them to sanctions.

National Security Advisor John Bolton said banks will face economic penalties if they are "involved in facilitating illegitimate transactions that benefit Nicolas Maduro and his corrupt network," referring to the Venezuelan president.

"We will not allow Maduro to steal the wealth of the Venezuelan people," Bolton said in a statement.

The U.S. and dozens of other nations recognized Venezuela's National Assembly President Juan Guaido as the country's legitimate leader after he declared himself interim president Jan. 23 amid nationwide protests.

But Maduro has staunchly resisted calls from Guaido and his supporters to cede power, insisting he is the victim of a U.S.-orchestrated coup.

Washington has led an international campaign to apply economic and diplomatic pressure on Maduro, including sanctioning the country's state-owned oil company, Petroleos De Venezuela S.A., or PDVSA, and a joint venture with its Nicaraguan counterpart, and blacklisted Venezuelan government officials who have remained loyal to Maduro.

Venezuela is experiencing widespread shortages of food and medicine and has the highest inflation rate in the world, according to the International Monetary Fund. Its economy has been in precipitous decline following the global downturn in the price of crude oil, Venezuela's main export.

Turkey, Russia, Iran, Cuba, China and Bolivia reiterated their support for Maduro, who vowed to cut all ties with the U.S. following a diplomatic spat.