Venezuela seeks to repatriate $550 million of gold from Britain – sources
06 Nov 2018

Venezuela is seeking to repatriate about $550 million (423 million pounds) in gold bars from the Bank of England because of fears it could be caught up in international sanctions on the country, two sources with direct knowledge of the effort told Reuters.

Venezuela’s hard currency holdings have dwindled as existing U.S. financial sanctions have effectively blocked President Nicolas Maduro’s government from borrowing on international markets.

The Trump administration on Thursday issued a new round of sanctions banning U.S. citizens from having dealings with anyone involved in “corrupt or deceptive” gold sales from Venezuela, as part of efforts to boost pressure on Maduro.

– By Mayela Armas, Reuters, 5 November 2018.

Link to Reuters.

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