🇻🇪💰Whose gold is it anyway? Trump sets his sights on Venezuela's bullion
For nearly eight years, around 31 tonnes of Venezuelan gold, worth roughly $4 billion, have been locked in the Bank of England's vaults, beyond the country's reach. The UK refused to release it, because Maduro's government wasn't "legitimate" enough.
Now, after US-brokered talks, Venezuela's government and opposition have reached a rare agreement: they will jointly seek access to the gold to rebuild homes, hospitals and schools after June's devastating earthquakes, which killed more than 6,500 people.
But there is a catch. The funds would be placed in US Treasury-controlled accounts. Any use of the money would require approval from both the Treasury and State Departments.
🫳A helping hand or a power grab?
The arrangement could ultimately place Venezuela's gold under the control of "Donald Trump, his family and cronies". said a veteran British politician and vocal critic of US foreign policy George Galloway.
While the US insists it is facilitating reconstruction, Venezuelan gold reserves are being funnelled through American accounts, with US officials deciding how they are spent.
For nearly eight years, around 31 tonnes of Venezuelan gold, worth roughly $4 billion, have been locked in the Bank of England's vaults, beyond the country's reach. The UK refused to release it, because Maduro's government wasn't "legitimate" enough.
Now, after US-brokered talks, Venezuela's government and opposition have reached a rare agreement: they will jointly seek access to the gold to rebuild homes, hospitals and schools after June's devastating earthquakes, which killed more than 6,500 people.
But there is a catch. The funds would be placed in US Treasury-controlled accounts. Any use of the money would require approval from both the Treasury and State Departments.
🫳A helping hand or a power grab?
The arrangement could ultimately place Venezuela's gold under the control of "Donald Trump, his family and cronies". said a veteran British politician and vocal critic of US foreign policy George Galloway.
While the US insists it is facilitating reconstruction, Venezuelan gold reserves are being funnelled through American accounts, with US officials deciding how they are spent.
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