Introduction

The Central Bank of Venezuela has lost a recent appeal to a British court over the recovery of Venezuelan gold from the Bank of England, as the British authorities refuse to hand it over to the government of Nicolás Maduro.

Challenging the Ruling

Venezuela’s central bank has challenged a previous British court ruling that said the British judiciary would not recognize certain Venezuelan Supreme Court decisions relating to $1.95 billion worth of Venezuelan gold frozen in the UK.

Lawyers representing Venezuela’s central bank said the case will now be taken to the High Court in London to determine next steps for gold.

Recognition of Opposition Leader

The UK recognized Venezuelan opposition leader and former speaker of parliament Juan Guaidó as the “interim president” of Venezuela in 2019, as it refused to hand over gold to the government of Nicolás Maduro based on that recognition. His term as speaker of parliament has ended, and the UK no longer considers him the “president” of Venezuela, and the new leadership of the Venezuelan opposition seeks to obtain frozen state assets.

Demand for Gold Return

The Central Bank of Venezuela 3 years ago demanded that the British authorities return the gold held at the Bank of England as it represents about 15% of Venezuela’s international reserves to fund measures to combat the Corona virus epidemic.

Source: agencies