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To release gold, a British court must first determine who will run Venezuela

The decision on Monday means that the case will return to the High Court to more clearly determine which of the two rival leaders is responsible.

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The ruling said, “(1) The British government recognizes Guaidó as President of Venezuela for all purposes, so it is necessary to determine whether Maduro is recognized as President for any purpose.

“Or (2) HMG [the British government] Guaidó acknowledges that he is eligible to become President of Venezuela and therefore has the right to exercise all of his powers, but Maduro also acknowledges that he is actually a person who exercises some or all of the powers of President of Venezuela. .. “

Guaidó’s ambassador to Britain and Ireland, Vanessa Neumann, told reporters that the court could issue a new declaration within a week or two, but other appeals could delay the process. Added.

BCV states that the proceeds from the sale of gold will be sent directly to the United Nations Development Program to procure humanitarian aid, medicines and equipment to combat the COVID-19 pandemic.

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“The Central Bank of Venezuela reaffirms that it will continue to take all necessary actions to protect its sovereign foreign exchange reserves and the sacred heritage of the Republic,” he wrote in a statement in response to the decision.

Venezuelan opponents claim that Maduro wants to spend the money to pay off his foreign allies, which his lawyer has denied.

Over the past two years, the Maduro administration has taken about 30 tonnes of gold reserves and sold them abroad with the coveted hard currency, according to people familiar with the operations and the bank’s own data.

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