The Venezuelan government had hoped through a court of law to recover the gold seized by the Bank of England to use it to fight the coronavirus, but the attempt failed.
On Thursday, July 2, a British court denied Venezuela the right to gain lawful access to its gold reserve, which is kept in the Bank of England. The judge motivated his decision by the fact that London does not recognize Venezuelan President-elect Nicolas Maduro.
The British central bank holds $1 billion worth of Venezuelan gold. Caracas expected to use it to purchase food and medical equipment for a republic suffering from both the pandemic and American sanctions.
The Venezuelan government representative in court, Saros Zaiwalla, stressed that the court decision “completely ignores the reality of the situation on the ground.
“This result will now further prolong cases to the detriment of Venezuelans whose lives are in danger”, – stated the lawyer.