In a statement issued by the US State Department Wednesday, the US formally announced sanctions against the Central Bank of Venezuela (BCV) and one of the Bank's directors, Iliana Josefa Ruzza Teran.

According to the statement, the sanctions were issued "to halt the former Maduro regime's theft of Venezuela's assets and destruction of the economy." Nicolás Maduro has been president of Venezuela since 2013, but his presidency has been in dispute since January with a number of countries, including the US supporting Juan Guaidó as interim president.

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