Bank of England can block Venezuela’s gold – court decision

A court in London has ruled that Venezuela’s gold stored with the Bank of England does not have to be released for the time being.

 

Venezuela’s gold

The Bank of England is not putting Venezuela’s gold out for now. A court in London has ruled that the Maduro government’s request will not be granted.

The Venezuelan government has made repeated attempts to withdraw state gold that has been stored in Britain for years. The last attempt was to make a compromise. The gold should have been sold through a neutral institution in order to use the proceeds to finance relief measures in the Corona crisis.

 

Court ruling

The court has now based its judgment on the fact that Nicolas Maduro is no longer recognized as Venezuela’s president. Opposition leader Juan Guaidó, on the other hand, should be seen as a “constitutional interim president of Venezuela”. He had repeatedly appealed to the UK not to make gold accessible to Maduro. This blocks the request from Venezuela’s central bank controlled by Maduro. This had demanded legal clarification (Venezuela wants its gold, Bank Bank of England sued). The dispute, which has been going on for years, is probably about 17 tons of gold.