Gold Rush Home: Venezuela Wants $550 Mln Bullion Reserves Back From UK – Reports
- Gold Rush Home: Venezuela Wants $550 Mln Bullion Reserves Back From UK – Reports
Caracas has been looking to wean itself off of the US-dominated financial institutions and instruments, ditch the dollar and turn to euros and the yuan for international settlements month amid multilayered US sanctions Venezuelan officials have described as “illegal.”
The Venezuelan government is looking to repatriate 14 tons worth of gold bars worth about $550 million from the Bank of England out of fear that the holdings may be affected by US sanctions, Reuters reports, citing two sources said to have direct knowledge of the situation.
According to one of the sources, the Bank of England has expressed an interest in what exactly Venezuela plans to do with the gold. The shipment back to Caracas has been held up for nearly two months, with a source saying the holdup has to do with the difficulty in obtaining insurance for such a large shipment.
“They are still trying to find insurance coverage, because the costs are high,” the official said, without clarifying which side is responsible for the holdup. The Bank of England and the Venezuelan Central Bank did not respond to a request for comment from Reuters.