Venezuela's rival leaders, President Nicolás Maduro and his western-backed opponent Juan Guaido, began a legal tug-of-war on Monday over $1 billion of the country's gold stashed deep under the Bank of England in London.
LONDON - Venezuela’s rival leaders, President Nicolás Maduro and his western-backed opponent Juan Guaido, began a legal tug-of-war on Monday over $1 billion of the country’s gold stashed deep under the Bank of England in London.
Lawyers representing the BCV say selling the gold, which amounts to around 15% of Venezuela’s foreign currency reserves, would fund the response to the coronavirus and bolster a health system gutted by six years of economic crisis. BCV representative Nick Vineall QC argued a statement by the UK government in February 2019 that Guaido was interim president had been carefully nuanced and that diplomatic action since then had shown that Maduro was still seen as in charge.
“As far as western Europe is concerned for the most part... there are full diplomatic relations with the Maduro government,” Vineall said. The dispute over Venezuela’s gold began in May 2018 when Maduro secured re-election in a vote the opposition coalition boycotted and called a sham. Afterwards, Boris Johnson, then the British foreign minister, said: “We may have to tighten the economic screw on Venezuela.”
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