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Snapshot: Gimme the gold – Bank of England and Venezuela

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The High Court recently determined whether the Bank of England was legally compelled to release over $1bn worth of gold to Nicolas Maduro, Venezuela’s ‘president’. The asset was held on the country’s behalf and President Maduro was seeking to use the funds to tackle the coronavirus crisis. Yet, Britain formally recognises the opposition leader as interim president and had been calling for credible presidential elections to be held. The court first ruled on the legitimacy of the Maduro government, stating that the opposition leader, Juan Guaido, was the country’s president. Second, it denied the release of funds. 

By Sarah Bakare

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