Sanctions Kill: The Novo Banco Case

Guest: Venezuela Vice Minister Yvan Gil


Since 2017, the private Portuguese bank NovoBanco, 75% of which
is owned by US private equity firm Lone Star, has withheld
roughly $2 billion USD belonging to the Venezuelan state’s
Economic and Social Development Bank (BANDES). BANDES is
requesting that NovoBanco transfer roughly $25 million of the $2
billion directly to the Pan American Health Organization (PAHO)
to pay for emergency medical supplies for the people of
Venezuela. These supplies include: polio vaccines, yellow
fever medicine, and thousands of syringes to address a critical
shortage in the country.


The government of Venezuela directed BANDES to apply for a
transfer of funds from its accounts in NovoBanco to the Pan
American Health Organization (PAHO) as of 22 July. These funds
were temporarily frozen, but recently have been unblocked by
Portuguese legal authorities. And, yet, Novo Banco has
issued no response.


To talk more with us about this disturbing and criminal
withholding of funds is Yvan Gil, Vice Minister for Europe of the
People’s Power Ministry for Foreign Relations.