UK Refuses To Give Venezuela $1 Billion Of Its Own Gold

UK has refused to give Venezuela $1 billion of its own gold. President Nicolas Maduro’s attempt to recover his own country’s assets was rejected by the top court in Britain.

UK Refuses To Give Venezuela 1 Billion Of Its Own Gold

According to Reuters, the UK High Court rejected the Venezuelan government’s request for access to its $1 billion worth of gold assets that are now held at the Bank of England.

A recent ruling by the Venezuelan Supreme Court, which had supported President Nicolas Maduro’s plea to have the gold returned from the UK, was reportedly denied by Britain’s top court. London, however, acknowledges Juan Guaido as the rightful leader of Venezuela.

The judge was quoted as saying, “I have… concluded that the Guaido Board succeeds: that the STJ {Venezuelan Supreme Court} judgments are not capable of being recognized,” thereby granting Guaido total control over the assets.

Guaido and Maduro both appointed boards for the Central Bank of Venezuela (BCV), but they gave different directives about the gold reserves. Lawyers for Maduro’s BCV board said that he intended to sell some of the gold to raise money for Venezuela’s fight against the Covid-19 outbreak and to sustain its healthcare system. Meanwhile, according to Guaido, Maduro is looking for the gold to pay off the foreign debts owed by his government.

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Along with almost 50 other nations, the UK recognized Guaido as Venezuela’s legitimate president in the early months of 2019. Guaido requested the Bank of England not to give Maduro’s government access to the nation’s gold after being acknowledged. The Bank of England was then sued by Maduro’s BCV board in an attempt to retrieve the funds.

Since it relates to a country’s constitution being interpreted by a court of another country, experts claim the UK court’s ruling is unprecedented.

The Bank of England is now holding about 31 tons of Venezuelan gold, which is reportedly valued at about $1.5 billion.

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