UPDATE 1-Telefonica's Venezuela unit suspends some roaming

* Movistar blames problem on lack of foreign currency

* Telefonica worried over repatriation of $1.8 bln profits (adds countries affected, paragraph 4)

By Eyanir Chinea

CARACAS, Aug 26 (Reuters) - The Venezuelan subsidiary of Spain's telecom group Telefonica (TEF.MC) said on Thursday it was suspending some of its roaming services due to shortage of foreign currency to pay providers abroad.

Many local and foreign companies in Venezuela are complaining of a lack of access to dollars due to strict currency controls President Hugo Chavez's government says are in place to prevent speculation and excess capital flight.

"Due to the lack of availability of the necessary foreign currency, we are obliged to temporarily suspend our International Roaming service with some operators," Telefonica subsidiary Movistar said in a statement.

Movistar's Marketing Vice President Augusto Moronta told Reuters 15 operators would be affected in 13 nations: Colombia, Argentina, Belgium, Russia, Hong Kong, Bolivia, Croatia, Egypt, Lebanon, Dominican Republic, Syria, Uruguay and Vietnam.

Alternative arrangements were being made with other operators in those nations, he added.

Telefonica, the euro zone's biggest telecom by market capitalization, said earlier in August it urgently needed to repatriate $1.8 billion profits from Venezuela. [ID:nN0296119]

Venezuela is Telefonica's third-most important market by revenue after Brazil and Argentina.

Like other multinationals in Venezuela, it took a cash hit from a devaluation of the bolivar currency in January, and has had to contend with new foreign exchange controls.

Over the last three years Telefonica has repatriated some $550 million in Movistar earnings. The company is Venezuela's second-largest telephone provider after CANTV. (Writing by Andrew Cawthorne; Editing by Leslie Gevirtz)