Will President Petro face a financial blockage due to his inclusion on the Clinton List?

President Gustavo Petro became the first sitting Colombian president in history to be included on the Clinton List , a consolidated list used by the United States government to sanction individuals allegedly linked to drug trafficking and other illicit activities .

The U.S. Treasury Department said its decision is based on the Office of Foreign Assets Control (OFAC) enforcement action, which operates under sanctions regulations against drug trafficking, money laundering, and other crimes of international significance.

(Also read: 'The threat was fulfilled': Petro on his inclusion on the Clinton list .)

With this, the head of state would be restricted when doing business and financial transactions with individuals or companies that handle American capital .

" The SDN List contains individuals, groups, and entities, such as terrorists and narcotics traffickers, designated under programs that are not country-specific ," explains OFAC on its official website. This would also have domestic implications for the head of state and his personal bank accounts, the Constitutional Court clarified on Friday.

(Also: US officially includes President Gustavo Petro on the Clinton List .)

In its Ruling SU-167/99, the court clarified that " the mere fact that a person appears on the Clinton list, without having been convicted or being investigated for drug-related offenses in Colombia, is an objective reason that authorizes the impossibility of accessing the financial system ."

This means that Gustavo Petro could not manage his personal finances in the national financial system in his role as a user .

Furthermore, industry sources explained to Portafolio that, given the President's high political profile, it is necessary to first present a " reasoned argument " to determine whether the bank the president is using will cancel the banking products he is using, thereby protecting himself from potential lawsuits.

PORTFOLIO