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ansible

(1,718 posts)
Sat Jan 26, 2019, 08:06 PM Jan 2019

Bank of England blocks Maduro's $1.2 BILLION gold withdrawal - report

Can you imagine if another country did that to the US? It'd practically be a declaration of war.

London (CNN)The Bank of England has blocked Nicolas Maduro's officials from withdrawing $1.2 billion worth of gold, Bloomberg reported, dealing a further blow to the embattled Venezuelan President as he tries to salvage his authority.
According to the report, which cites unnamed people familiar with the matter, the gold is a significant part of the $8 billion in foreign reserves held by the Venezuelan central bank.
CNN has not been able to independently verify the report and is attempting to get a response from Maduro's officials.
The move by the Bank of England came after top U.S. officials urged the British government to help cut off Maduro's access to his country's assets, the report said, and instead steer them towards opposition leader Juan Guaido, who has claimed the presidency.
On Saturday, the UK joined the US and a host of other countries by saying it would recognize Guaidó as the country's interim President if new elections were not called within the next eight days.
"We stand shoulder to shoulder with the United States in saying that the National Assembly and its President Juan Guaidó are best placed to lead Venezuela to the restoration of its democracy, its economy and its freedom," said UK Minister of State Alan Duncan.
In a statement, the Bank of England said Saturday that it provides gold custody services to a large number of customers, but it does not comment on those relationships.
"In all its operations, the Bank observes the highest standards of risk management and abides by all relevant legislation, including applicable financial sanctions," the statement said.
The US Treasury Department said in a statement Friday it plans to use economic and diplomatic tools to ensure any commercial transactions with the Venezuelan government are "consistent" with the US-recognized government of Venezuela led by Juan Guaidó.


https://edition.cnn.com/2019/01/26/uk/venezuela-maduro-bank-of-england-gold-withdrawal-gbr-intl/index.html

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Bank of England blocks Maduro's $1.2 BILLION gold withdrawal - report (Original Post) ansible Jan 2019 OP
A clear indication that financial interests have decided to take an active role gtar100 Jan 2019 #1
This isn't new. And because of Guaido. Igel Jan 2019 #2

gtar100

(4,192 posts)
1. A clear indication that financial interests have decided to take an active role
Sat Jan 26, 2019, 08:20 PM
Jan 2019

in the future of Venezuela. I can't say I trust or support any particular party there but Maduro has certainly messed things up badly. I just hope the new government chosen by the leaders of other countries turns the situation around for the people and the country. A change is needed but banks generally don't care much about the freedom and independence of individuals and communities. They care about the money and that translates to overwhelming support for a few very wealthy people and the rest be damned.

Igel

(35,191 posts)
2. This isn't new. And because of Guaido.
Sun Jan 27, 2019, 01:08 AM
Jan 2019

https://www.reuters.com/article/us-venezuela-gold/venezuela-officials-seek-meeting-with-bank-of-england-over-gold-repatriation-sources-idUSKBN1O51II
This was a month or two into the most recent fracas over the gold.

Even as Venezuela wants to draw gold in from Britain, it's shipping unrefined gold to Turkey for refining. Odds are that the gold would either be transshipped to provide a golden cushion in case Maduro &co. have a rough landing or perhaps to help pay off Putin or Xi before they send somebody to kneecap him.
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