Four years ago, the UK government recognised Juan Guaidó as Venezuela’s president. He’s now gone, but the Bank of England is still holding some of the country’s key assets.
JOHN McEVOY
JOHN McEVOY
Part 5 - Guaidó gone
Guaidó and his representatives never managed to get their hands on the gold.
In the most recent hearing, in October 2022, judge Justice Cockerill granted the Maduro board permission to appeal, declaring that the issues at stake were “effectively unprecedented”, and that “the consequences of the decision have the potential to affect all the citizens of Venezuela”.
Indeed, the freezing of Venezuela’s gold has served as a form of collective punishment.
In 2021, United Nations special rapporteur on sanctions, Alena Douhan, urged the UK “and corresponding banks to unfreeze assets of the Venezuela Central Bank to purchase medicine, vaccines, food, medical and other equipment, spare parts and other essential goods to guarantee humanitarian needs of the people of Venezuela”.
In the most recent hearing, in October 2022, judge Justice Cockerill granted the Maduro board permission to appeal, declaring that the issues at stake were “effectively unprecedented”, and that “the consequences of the decision have the potential to affect all the citizens of Venezuela”.
Indeed, the freezing of Venezuela’s gold has served as a form of collective punishment.
In 2021, United Nations special rapporteur on sanctions, Alena Douhan, urged the UK “and corresponding banks to unfreeze assets of the Venezuela Central Bank to purchase medicine, vaccines, food, medical and other equipment, spare parts and other essential goods to guarantee humanitarian needs of the people of Venezuela”.
With the issue still in the courts, Venezuela’s main opposition parties voted in December 2022 to remove Guaidó as “interim president” and dissolve his parallel government.
The UK government announced that it would “respect the result of this vote”, adding that: “The UK continues not to accept the legitimacy of the administration put in place by Nicolás Maduro”.
The legal basis for freezing Venezuela’s gold and transferring it to the Venezuelan opposition has therefore largely crumbled. Further hearings are expected later this year.
Whether the gold will remain frozen until Venezuela holds elections which are to the satisfaction of the UK government, or the courts will find that the case for freezing the gold has now collapsed, remains unclear.
The UK government announced that it would “respect the result of this vote”, adding that: “The UK continues not to accept the legitimacy of the administration put in place by Nicolás Maduro”.
The legal basis for freezing Venezuela’s gold and transferring it to the Venezuelan opposition has therefore largely crumbled. Further hearings are expected later this year.
Whether the gold will remain frozen until Venezuela holds elections which are to the satisfaction of the UK government, or the courts will find that the case for freezing the gold has now collapsed, remains unclear.
The issue would be immediately resolved if the UK normalised relations with the Maduro government – though this would entail an embarrassing climb-down and would have to be worked out alongside Washington.
What’s clear is that the sanctions regime against Venezuela has failed to remove Maduro, but has harmed ordinary Venezuelans.
What’s clear is that the sanctions regime against Venezuela has failed to remove Maduro, but has harmed ordinary Venezuelans.
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You are ignoring a very real possibility, that the gold is not there, but rather that the gold deposited with the Bank of England have been looted over the years.
ReplyDeleteIt is likely that it's not just Venezuela's gold that has been looted.