UK government backs Guaido in Venezuela gold dispute

Release of nearly $2bn Venezuelan gold held by Bank of England hinges on who London recognises as the country’s leader.

The British government has sought to quash a bid by the Nicolas Maduro-backed Venezuelan central bank to repatriate nearly $1bn of its gold stored in London by reasserting its backing of opposition leader Juan Guaido. In an unequivocal statement, the United Kingdom’s government said it is “clear that Juan Guaido has been recognised by Her Majesty’s Government since February 2019 as the only legitimate President of Venezuela”. The statement came as legal teams representing Maduro and Guaido were at the UK Supreme Court on Monday in the latest round of a long-running struggle over who should control what amounts to roughly 15 percent of Venezuela’s foreign currency reserves. The Bank of England currently holds the 14 tonnes of gold.