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UK doesn't want to return gold to Venezuela

Christian Fernsby |
The Venezuelan government filed a lawsuit to use its gold reserves held by the Bank of England in the fight against the coronavirus.

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Topics: VENEZUELA    UK   

Since late 2018, the Bank of England has refused to repatriate 31 tons of gold belonging to the Venezuelan Central Bank that had been deposited in its vaults.

The May 14 claim, filed in a London commercial court, seeks to force the UK Central Bank to return an estimated US $1 billion worth of Venezuelan gold.

The Venezuelan government would then sell the gold and transfer the proceeds to the United Nations Development Programme in order to buy food, medicines and healthcare equipment, according to Reuters.

The lawsuit follows an April request that the Bank of England itself sell part of the reserves and send the funds to the United Nations to help the country battle the pandemic.

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