The crisis-torn South American nation's shipments of Covid-19 vaccine are being held up because banks including UBS have halted payments for them.
Venezuela is counting on COVAX, a program of the World Health Organization and the Global Alliance for Vaccines and Immunization, or GAVI, to help immunize its population in the pandemic. It says it has paid $120 million into the program – to little effect.
The reason, according to the Venezuelan government, is that UBS informed the crisis-stricken Latin American nation that it couldn't clear $4.6 million in payments related to the program, according to «Reuters». As is customary, the Swiss bank didn't comment on potential client relationships.
It seems reasonable to assume that UBS doesn't want to run afoul of U.S. sanctions against the Nicolas Maduro-led government of Venezuela. An U.S.-backed effort in 2018 to install opposition leader Juan Guaido as Maduro's successor foundered.
