Before reviving the oil business, it is crucial to normalize the financial sector. This is the mantra that Ortega Sánchez constantly repeats in his communications with business leaders. The return of major banking players has become inevitable for an economy in need of financing, and they could soon operate without sanctions. Ortega Sánchez is preparing a trip to Caracas in March where he aims to meet with representatives of major Wall Street banks. Citi, for its part, completely withdrew in 2021 but could return as a second-tier entity to finance oil businesses. Meanwhile, institutions like Wells Fargo and Barclays have held meetings in recent months with opposition leader María Corina Machado, reaffirming their intentions to operate in Venezuela. Ortega Sánchez proposes a three-pronged strategy for rebuilding Caracas: the end of sanctions, the possibility of repatriating profits, and, as a Mexican banker with an office in Miami heard, that credit lines for Venezuela be backed by the Treasury. Calixto Ortega Sánchez has been a long-time collaborator of Venezuelan Vice President Delcy Rodríguez and is the regime's current interlocutor with various financial figures in the United States and other countries. A former consul in Houston and New York, Ortega Sánchez is establishing a network of contacts that know no geographical boundaries: they range from Mexico City to New York, passing through Punta del Este, a favorite resort for several South American bankers. This is the most sensitive issue. Another attractive offering from Rodríguez's envoy is the normalization of the cryptocurrency world in Venezuela; it is estimated that approximately 3% of global holdings are in this South American country. Following Donald Trump's military action and the fall of Nicolás Maduro, appetite for Venezuelan papers has surged, as have the gains of the Caracas stock market, which rose by over 170% in one week. Venezuela's most complex debt, such as promissory notes and arbitration claims, used to arouse little interest among investors due to lower trading activity than its sovereign bonds. Currently, the only foreign bank operating in Venezuela is BBVA. JP Morgan had business in Caracas for over 50 years, but its office is currently inactive. However, the prospect of revitalizing the oil industry could pressure the country to liquidate these pending liabilities, particularly the lawsuits against the state oil company PDVSA.
