Nicaraguan lawmakers pass bill forcing local banks to ignore foreign sanctions

FILE PHOTO: Nicaragua's President Daniel Ortega and Vice President Rosario Murillo greet supporters during an event to commemorate the 40th anniversary of the taking of the national palace by Sandinistas guerrilla in 1978, in Managua, Nicaragua August 22, 2018. REUTERS/Oswaldo Rivas/File Photo

(Reuters) - Nicaragua's parliament on Monday approved a law that seeks to nullify foreign sanctions issued against President Daniel Ortega's vice president and wife Rosario Murillo, several of their children and some 50 high-ranking state officials.

The legislation, although unable to curb the impact of sanctions outside the country, aims to nullify their reach within Nicaragua by forcing local banks and other institutions to ignore them.