Venezuela gold: UK High Court rules against Nicolás Maduro

Venezuela gold: UK High Court rules against Nicolás Maduro

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Venezuela has $1bn worth of gold stored in the Bank of England





The UK High Court has ruled against Venezuela's government in a legal battle over access to $1bn (£820m) of gold stored in the Bank of England.

It said the UK had "unequivocally recognised opposition leader Juan Guaidó as president", rather than President Nicolás Maduro.

The ruling comes after the government launched legal action against the bank to try to force it to release the gold.

It is a severe blow to Mr Maduro's cash-strapped administration.

The gold is being retained by the Bank of England (BoE) following British and US sanctions on Mr Maduro's government.

Why was the High Court in London involved?

The BoE said it was caught in the middle of two rival claims for the gold, one from the government of Mr Maduro and one from Mr Maduro's rival, Juan Guaidó, who declared himself acting president of Venezuela last year.

Mr Maduro's government said it wanted the gold to fund its fight against the coronavirus pandemic.

But Mr Guaidó asked the Bank of England not to hand the gold over to the Maduro government, arguing that it would be used for corrupt purposes.

The Bank of England therefore asked