"Venezuela has about 31 tonnes of gold held in the vaults of Threadneedle Street, equivalent to about 15% of its total foreign currency reserves. UK court documents put the value in 2020 at about $1.95bn. However, the gold price has more than doubled since, meaning the bars are probably worth considerably more. Held in London since the 1980s, the practice of governments storing bullion in Britain is not unusual: the Bank keeps about 400,000 bars on behalf of governments and institutions worldwide."
"Since 2018, however, Caracas has been blocked from repatriating the gold amid pressure on Maduro, after the disputed outcome of Venezuela's presidential elections that year including Donald Trump imposing US sanctions during his first term in the White House. Britain, along with dozens of other countries, did not recognise Maduro as the country's legitimate leader. Opposition figures at the time urged the Bank not to hand over the money, arguing his administration would either steal the gold or use it to finance his dictatorial government."
Venezuela stores roughly 31 tonnes of gold in the Bank of England's Threadneedle Street vaults, representing about 15% of its foreign currency reserves. UK court records valued that bullion at approximately $1.95bn in 2020, while subsequent rises in the gold price suggest a substantially higher current value. The Bank of England holds bullion for many governments, maintaining around 400,000 bars and ranking as the second-largest global storage hub after New York. Since 2018 Caracas has been prevented from reclaiming the gold amid non-recognition of Maduro, US sanctions, and concerns the regime would seize or misuse the funds, producing prolonged legal and geopolitical conflict over ownership and control.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]