Venezuela moves one step closer to retrieving gold seized by the Bank of England

Venezuela moves one step closer to retrieving gold seized by the Bank of England from MorningStar

VENEZUELA’S Bolivarian government is a step closer to retrieving its $1 billion (£800 million) gold reserves stored in the Bank of England after it won an appeal over the claim today.

The legal challenge, brought by the Banco Central de Venezuela (BCV), overturns a previous ruling that upheld Britain’s recognition of United States-backed opposition leader Juan Guaido as “interim president” of Venezuela.

The Bank of England froze the gold reserves after the Tory government fell into line behind the US in refusing to recognise Venezuela’s President Nicolas Maduro, who was re-elected in late 2018, and backing the right-wing pretender instead.

Venezuela sought a court order in July for the urgent release of the reserves to help the country cope with the Covid-19 crisis — it has struggled in the wake of tough sanctions imposed by the US, bent on securing regime change.

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