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Venezuela President Nicolas Maduro was quick to react, saying on Monday that Citibank planned to shut his government's foreign currency accounts within a month, and calling the move part of a "blockade."
"With no warning, Citibank says that in 30 days it will close the Central Bank and the Bank of Venezuela's accounts," Maduro said in a speech. "Do you think they're going to stop us with a financial blockade?"
Citibank said the decision was taken after a periodic risk management review, according to Reuters.
—Reuters contributed to this report.