'The Bank of England (BoE) is refusing to release around $550 million in gold owned by Venezuela back to the country over the UK regulator's claim of growing uncertainty about Caracas’s intentions for the 14 tons of gold bars.
British officials are insisting that measures aimed at preventing money-laundering are taken, The Times reports. The Venezuelan government is reportedly expected to provide a clarification about its plans for the gold.
“There are concerns that Mr. Maduro may seize the gold, which is owned by the state, and sell it for personal gain,” the media reports citing unnamed sources.
Reports emerged earlier this week that the Venezuelan government had been trying to reach the gold belonging to the country for two months. The talks had reportedly come to a standstill due to increased difficulties in obtaining insurance for the shipping that is necessary to move a large gold cargo.
Last week, Venezuelan gold exports became subject of another round of US sanctions against the Latin American country. The latest penalties target both US individuals and corporations involved with gold sales in Venezuela.
Over the past several years, Washington introduced a wide range of punitive measures against the Bolivarian Republic, hitting its finances, debt issuance and business activity of state oil company PDVSA. US authorities accuse Venezuela’s current government and its leader Nicolas Maduro of violating human rights and undermining democracy.'
Read more: Bank of England refuses to hand over Venezuela's gold – report
Did you like this article?
Thank you for your vote!
7 November 2018
Absolute Fraud': After Billions in Taxpayer Subsidies Championed by Trump, Ryan, and Walker, Foxconn to Import Chinese Workers for Wisconsin Jobs
6 November 2018
‘75,000 Russian informants’: UK think tank report mocked after they conduct only 16 interviews
From our advertisers
3 hours ago
Trump declines to blame Saudi prince over Khashoggi killing despite reports CIA hold him responsible
2 hours ago
US-led air strikes kill at least 40 people, mainly women and children, in Islamic State-held area, state media reports
From our advertisers