Venezuelan government wants to return gold worth 550 million USD from the BoE | Finance and Markets

Share This On Social

The Venezuelan government wants to return gold worth 550 million USD from the Bank of England (BoE) because of fears that it may be blocked by sanctions.

Nicholas Maduro’s government is trying to return 14 tons of gold to the country, while the Bank of England (BoE) wants to clarify what the Latin American country intends to do with the precious metal. Unnamed sources also point out that Caracas can not fulfill his plans for the second month because he fails to obtain the insurance required to transport such a large amount of gold.

The US President Donald Trump ordered at the end of last week to introduce sanctions to block Venezuela’s gold operations. In the document of the White House, the US administration plans to prevent the Venezuelan authorities to “wasting the wealth of Venezuela for their corrupt purposes” and “harm the infrastructure of Venezuela and environment of the country because of stray management”. For this reason, Washington banned Americans from engaging in gold mining in Venezuela.

In recent years, Venezuela has experienced a sharp social-economic crisis, accompanied by hyperinflation, devaluation of the national currency, and shortage of essential necessities and medicines. According to UN Refugee Commissioner Filippo Grandi’s estimates, more than 2.6 million citizens of this country currently live outside Venezuela. Every day, some 5,000 Venezuelans leave their homeland, and the government denies a humanitarian crisis.