Venezuela and Britain seek closer ties amid gold dispute

Venezuela and Britain seek closer ties amid their gold dispute.

Venezuelan Foreign Minister Yván Gil and UK’s Chargé d’Affaires in Venezuela, Colin Dick met in Caracas despite a gold dispute at the Bank of England.

Gil said it’s a chance to boost ties with equality and respect on social media.

He mentioned the Bolivarian revolution’s aim to maintain good communication with the UK, which doubts Maduro’s government’s legitimacy.

Colin Dick, newly appointed this month, was Commissioner for Barbados and the Caribbean from 2013-2017 and later acted as director of the UK Department for Exiting the European Union from 2017-2019.

He arrived in Caracas after the London Court of Appeal rejected a Central Bank of Venezuela (BCV) appeal two months ago.

The appeal opposed a July 29, 2022, ruling that gave authority over the Bank of England deposited gold to an opposition-appointed board.

The UK judiciary once recognized Guaidó as interim president when he appointed his BCV board, a stance now reversed by fifty countries.

The English court deemed the opposition leader’s decisions as “sovereign acts,” a view dismissed by Maduro’s administration, which intends to initiate a new lawsuit in the High Court.

The dispute encompasses access to US$1.95 billion in Venezuelan gold reserves at the Bank of England and an additional US$120 million from a Deutsche Bank transaction.

This ongoing legal battle has significant implications for the Venezuelan economy, which has been struggling under the weight of international sanctions, hyperinflation, and a severe humanitarian crisis.

The gold reserves in question are a crucial asset for the Maduro government, which has been seeking access to them to alleviate the economic crisis in the country.