CARACAS (Reuters) – Venezuela’s government won a legal battle to recover $1.5 billion of assets in Portugal, the country’s information minister announced on Wednesday, in the latest battle over sanctions and frozen funds targeting the South American nation.
The funds were released from Novo Banco, Minister Freddy Nanez said on social media network X, formerly Twitter. The bank, based in Lisbon and 75% owned by U.S. private equity firm Lone Star Funds, was not immediately available for comment.
The Maduro government has decried sanctions imposed by the United States, as well as international support for the opposition, arguing they have “stolen” Venezuelan resources frozen across international banks.
In November, Maduro’s ruling socialists and the opposition came to an agreement to create a United Nations-administered fund using the frozen money to back health, education and other services.
The $1.5 billion tied up in the Novo Banco account was meant to kick off the fund.
(Reporting by Vivian Sequera; Additional reporting by Andrei Khalip in Lisbon; Writing by Kylie Madry; Editing by Brendan O’Boyle)
