Goodyear Tire & Rubber became the latest big US company to detail damage from Venezuela’s financial crisis when the automotive tyre manufacturer reported a $646m charge against fourth-quarter earnings. Laura Thompson, chief financial officer, said the company had been unable late last year to exchange Venezuela’s bolívar currency for dollars to purchase raw materials. “These conditions, combined with Venezuelan regulations, have increasingly limited our ability to make and execute operational decisions at our Venezuelan subsidiary,” Ms Thompson said. Goodyear concluded its Venezuelan operations no longer met the accounting criteria for operations under its control and had opted to deconsolidate it from its results, Ms Thompson said. The charge — $577m on a post-tax basis — pushed Goodyear into a $380m net loss for the quarter, against net income of $2.13bn for the fourth quarter of 2014. Net sales fell 6.7 per cent to $4.06bn. The crisis in Venezuela looks set to push the country into a default on its debt payments, amid a dire recession and galloping inflation. After years of mismanagement, the country’s economy has also been one of the worst hit worldwide by the fall in the price of oil, which accounts for some 95 per cent of the country’s trade revenue.