Poor access to raw materials and scarce dollars to import goods due to currency controls impaired Kellogg's ability to operate its Venezuelan subsidiary, the company said in February. "All assets, contractual obligations and legal guarantees have been settled with Kellogg's employees, suppliers and customers in Venezuela", said Kellogg in a statement.
Investors looking to buy Venezuela's new cryptocurrency may want to head to a little-known Moscow bank whose biggest shareholders are President Nicolas Maduro's socialist government and two state-controlled Russian companies under US sanctions.
Venezuela's Information Ministry did not respond to a request for comment. Kellogg's plant was taken over after it revealed that it was pulling out of the country as it continues to face a worsening economic and political situation. Workers said they were prevented from entering the plant in the central city of Maracay on Tuesday.More news: Mother charged with 9 felony counts in child abuse case
The move by the multinational was a typical one in Venezuela after years of economic crisis.
Oliver explained that Maduro's government routinely rejects humanitarian aid, including medicine and food, which its people desperately need.
Kellogg's is the most recent company to pull out of Venezuela, following the likes of Colgate-Palmolive, General Mills and Kimberly-Clark. Despite the problems, Maduro is expected to win re-election on Sunday in a vote the main opposition coalition says is a sham.More news: Karolina Pliskova Hits Umpire's Chair With Racket After Loss
At the petro's launch on February 21, Maduro heaped praise on two Russians in the audience who worked with wealthy, Kremlin-connected businessmen, thanking their previously unknown startups Zeus Exchange and Aerotrading for their role developing what he joked would be a kind of "kryptonite" against USA economic dominance.
Socialist Maduro has taken over the factories of some companies that have left the country.
For its part, the company warned Maduro against using its patents and brand names for sales "without the expressed authorization of the Kellogg Company". In 2014, authorities took over two plants belonging to USA cleaning products maker Clorox Co after its departure.More news: High court ruling permits sports betting in all states