Published On: Mon, Jul 19th, 2021
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UK Reaffirms Backing for Guaido as Venezuela President Ahead of $1 Billion Gold Caseon July 19, 2021 at 3:31 pm

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LONDON—The British government reiterated on Monday that it recognises opposition figure Juan Guaido as Venezuela’s president, a move aimed at quashing a bid by the Nicolas Maduro-backed Venezuelan central bank to repatriate nearly $1 billion of its gold stored in London. Legal teams representing Maduro and Guaido will be at the UK Supreme Court on Monday in the latest stage of a long-running tug-of-war over what amounts to about 15 percent of Venezuela’s foreign currency reserves. Lawyers representing the central bank say selling the gold would fund the response to the coronavirus pandemic and bolster a health system gutted by more than six years of economic crisis. The Bank of England, whose vaults house the gold, has refused to release it, however, after the British government in early 2019 joined dozens of other countries in backing Guaido on the basis that Maduro’s presidential election victory the previous year was rigged. …

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