The Bank of England (BoE) has refused to grant over $ 550 million in gold bullion to the Nicolás Maduro regime to prevent money laundering.
According to the British newspaper The Times, the Maduro regime is trying to repatriate at least 14 tons of gold that the BoE has stored. However, the financial entity will not release them until the use that will be given will be clarified.
Reuters: Central Bank of #Venezuela wants to repatriate the bars #gold valued at $ 550 million that are in the Bank of England. The government is worried about the penalties and attachments of creditors. They have not been able to repatriate because they can not get transfer insurance.
– Mariano de Alba (@marianodealba) 5 November 2018
According to the media, there is concern that the Chavista dictatorship may take possession of the gold, which is owned by the state, and sell it for personal gain.
The Venezuelan gold kept in the Bank of England was used as a guarantee until last year, supporting international loans.
And it is that recently the US government has announced new sanctions against the Venezuelan dictatorship after illicit gold exports with which it has been enriched and kept in power.
EE. UU. He reported that the sale of gold has become a way for Venezuela to evade US sanctions. "The United States has identified a first sector, that of gold, which the Venezuelan government used to carry out illicit transactions (…) with this looting not only are robbing the inheritance for their own people, but it is also something that has had serious environmental consequences, such as in mercury in rivers, "said John Bolton, national security adviser for the North American country.
Currently, it is almost impossible to calculate the amount of gold existing in the Venezuelan mining arch, it is believed that there could be about 8,000 tons, which is equivalent to 243,000 million euros, not counting, moreover, with the reserves of coltan, bauxite, copper and diamonds that rest even in the place.
After the international sanctions and the lack of foreign currency from oil, the Maduro regime showed its new "liking" for gold in Venezuela; this, after allowing, in the eyes of the world, illicit control of the mineral by guerrillas such as ELN, a group that has become a sort of "armed wing" of the dictatorship that controls the production of these minerals in the state Bolivar.
Venezuela has lost tons of gold
It should be remembered that in October the Maduro regime lost about 90 tons of gold for not having paid the debts it has abroad.
The Venezuelan dictatorship passed a swap transaction, so the German bank Deutsche Bank remained with the gold it had as a guarantee. The transaction was agreed in 2016 for $ 1,700 million dollars, which were not paid by the dictatorship.
"They knew very well that the money would not be paid in. Most likely, the gold that will be left out will be killed in the same way." He is unlucky, "he said. PanAm Post the economist Daniel Lahoud.
Illegal extraction keeps Maduro in power
In the absence of oil production in Venezuela, the Maduro regime would have found another way to "self-finance" to stay in power: it would illegally export gold to Turkey.
The US Treasury Department has warned that Venezuela is increasingly using the gold trade "without environmental or accounting control" to finance the corruption networks that support the dictatorship.
Marshall Billingslea, assistant secretary of the US Treasury UU., Said that after the abandonment of the state oil company PDVSA, the Maduro regime has diverted attention to the exploitation of gold to obtain resources. He also denounced the looting of gold mines in southern Venezuela and said that "he is approaching a situation similar to that of the bloody diamonds" in Africa.
According to the official, in recent months it is estimated that "21 tons of gold" would come from Venezuela, which went "mainly to Turkey"; which is equivalent to $ 840 million USD.
Gold "is brought out of the country without any accounting to know where the funds go," he said.
The representative of the Treasury Department has reported that this uncontrolled exploitation of gold will also become a problem for the region:
It is not a conventional mine, it is destroying forests by creating huge amounts of stagnant water that is contaminated with mercury and other chemicals. It will be an environmental catastrophe for decades, with epidemics of malaria, dengue; and these diseases move to the region with millions of refugees.