The U.S. is considering sanctions that would essentially ban Visa (NYSE:V), Mastercard (NYSE:MA), and other financial institutions from processing transactions in Venezuela, Bloomberg reports, citing an administration official.
The move would add to other sanctions aimed at cutting off funds to Nicolas Maduro's regime.
No decisions have been made yet, the official said.
Visa and Mastercard account for most of the transactions in Venezuela and the potential new sanction could prompt other international payment-processing companies to withdraw from the country as well.
The move could potentially affect oil, power, aviation, and agricultural companies that conduct business in Venezuela, such as Cargill, American Airlines (NASDAQ:AAL), General Electric (NYSE:GE), and their local contractors.
Previously: White House warns foreign banks on dealings with Maduro (March 6)
Now read: Rethinking General Electric »
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