The ruling about this monetary reserve valued at over US $ 1 billion occurs after months of disputes between Venezuela and the Bank of England, which denied the constitutionally constituted government access to its own resources
On May 14, the Central Bank of Venezuela (BCV) sued the Bank of England to obtain and sell the Venezuelan gold bars.
The South American country intends to sell the resources to the United Nations Development Program (UNDP), and so gain food and medicine needed amid pandemic.
Bank of England froze over $1.2 billion worth of Venezuela’s gold refusing to release it to the democratically elected government. Now Venezuela is suing the Bank of England and the trial is happening this week!https://t.co/dZCjMivKSC pic.twitter.com/4e5uzMA3Pb— allan crawshaw (@allan_crawshaw) June 27, 2020
The Bank of England justified its attitude by claiming that they would first clarify who Venezuela's legitimate representative is and then debate the resources' release.
U.K. justice's decision opens the gates for Guaido to appropriate the resources held in that European country and other international banks.
"Every minute a person can die in Venezuela because of COVID-19. We need our resources to mitigate its impact on our people," Venezuela's Vice President Delcy Rodriguez insisted.
The announcement comes days after President Donald Trump's former advisor John Bolton said in a memoir that Guaido is perceived as weak, against a strong and smart Maduro.
- Countries: Latin America
- GUYANA begins defence of 1899 Arbital award against Venezuela in ICJ
- GUYANA | ICJ begins hearing of the Guyana-Venezuela 1899 Arbital Award
- GUYANA | United States interference in Guyana elections part of plot to topple Venezuelan gov’t- Nagamootoo
- T&T | US warns TT businesses:comply with US sanctions on Venezuela
- GUYANA | ICJ hearings on Guyana-Venezuela set for June 30, 2020