Zeus Exchange, which Druzhkov created alongside a Kremlin-connected industrialist, said in a statement that it has never had any business ties with the Venezuelan government and that Druzhkov resigned after abusing his authority.
"The current economic and social deterioration in the country has now prompted the company to discontinue operations", Kellogg said.
But President Nicolas Maduro called the closure "absolutely unconstitutional and illegal" and said the factory had been handed to workers and would continue cereal production.
U.S. companies Kimberly-Clark, General Motors and Clorox are among several multinationals to shut down their Venezuela operations in recent years.
Kellogg's joins multinationals including Tokyo-based Bridgestone Corp., Irving, Texas-based Kimberly-Clark Corp. and Minneapolis-based General Mills Inc. that have closed or reduced operations in Venezuela amid hyperinflation, shortages and a recession deeper than the Great Depression of the 1930s.
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Maduro, who is seeking re-election for a second term on Sunday, railed against Kellogg at a campaign rally. "Because we are four days away from elections and they think it will spook the people", Maduro told supporters.
The Socialist president regularly blames the United States, coup-plotters and businesses for conducting "economic war" against the country critics say he has driven into crippling poverty and hunger.
"Over the last few years it seems like every time Venezuela has been on the news it's because something very bad has been happening", Oliver said.
Speaking to the Associated Press, the two Russians who reportedly signed agreements with Maduro the help the Petro expand globally distanced themselves from the cryptocurrency with one, Fedor Bogorodskiy, claiming his company immediately ceased working with the project as soon as Trump announced his ban.
In 2014, the government took over two plants belonging to cleaning products producer Clorox. "Operations halted due to lack of raw materials, the government took it over, and now it's paralyzed". Kellogg's breakfast products are the most popular and widely available in the country.