Turkish Bank Ziraat Closes Door on Venezuela Amid U.S. Sanctions

Bloomberg Quint | Aug 15, 2019 at 9:16 PM
  • Ziraat Bank, Turkey’s largest bank by assets, has stopped offering services to Venezuela’s Central Bank in wake of tougher U.S. sanctions that raise the stakes for companies that do business with the Caribbean nation.
  • Still, Ziraat’s decision came as a surprise to staff inside Venezuela’s Central Bank, as Turkish President Recep Tayyip Erdogan has repeatedly expressed his support for President Nicolas Maduro and visited the country as recently as December.
  • The correspondent banking system is used by countries, companies and consumers to send trillions of dollars in payments around the world.