UK court denies Maduro government access to Venezuelan gold reserves

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In 2019, the Bank of England froze the Venezuelan government’s access to gold reserves, sparking protests among Maduro supporters.

The UK High Court on Friday rejected the most recent request by the government of Nicolás Maduro to have access to more than US$1 billion in Venezuelan gold reserves, which are stored in the underground vaults of the Bank of England.

Venezuela’s gold reserves have been the subject of a struggle for control between President Maduro and the leader of the opposition, Juan Guaidó, recognized by the United Kingdom and other countries in the West as interim president of that Latin American country.

Both Maduro and Guaidó have each appointed different boards for the Central Bank of Venezuela (BCV) and the two have issued contradictory instructions regarding the management of gold reserves.

The Supreme Court of Justice of Venezuela (TSJ), with an official tendency, had ruled to reduce Guaidó’s interference in gold and that the reserves should be transferred from London, but the British judge Sara Cockerill dismissed that argument.