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Bank of England slammed for denying Venezuela its own gold reserves during Covid-19 pandemic

VENEZUELAN rights campaigners in Britain backed Caracas’s claims yesterday that the Bank of England (BoE) is infringing on human rights by denying the South American nation access to its own gold reserves.

Legal representatives of the Central Bank of Venezuela (BCV) said on Monday that the BoE was “putting lives at risk” by refusing to release around $1.13 billion (£895,000) of gold reserves, which the country could use to fight the health emergency precipitated by Covid-19.

Venezuela is seeking a court order for the urgent release of about $930 million (£736m), which would be transferred directly to the United Nations Development Programme (UNDP) in order to acquire healthcare equipment, medicine and food.

Yesterday, Venezuela Solidarity Campaign (VSC) secretary Francisco Dominguez told the Star that the BoE’s illegal retention of the 31 tonnes of Venezuelan gold “smacks of colonial looting.”

He said: “The US has imposed over 350 economic, financial and coercive measures against the people of Venezuela, making it extremely hard for Venezuela to import food but especially medicines and health equipment.

“Thus between 2017 and 2018, over 40,000 Venezuelans died, and it is estimated that four million people with HIV, diabetes, hypertension, cancer, dialysis and so forth are at risk.

“The UK government, in cahoots with criminal [opposition leader Juan] Guaido, has set up a secretive ‘Unit for the Reconstruction of Venezuela,’ which is nothing but aiding and abetting ‘regime change’ in this South American nation so as to share the spoils, ie engage in colonial pillage.”

Mr Dominguez said that the gold “ought to be returned to its rightful owners,” the Venezuelan people and the state, who, through the UNDP, would “use it to continue to save lives.” 

He added: “Any other decision by the UK courts would be a total disgrace.”

The British government’s refusal to recognise elected Venezuelan President Nicolas Maduro’s administration drove the BoE to freeze the funds, condemning the country to further economic struggle following US sanctions.

According to BCV’s legal representatives, “the nation’s gold reserves in the BoE are being held hostage to political factors dictated by the foreign policy of the US and [some] of its allies.

“In the meantime, there is a very real risk that the people of Venezuela will suffer.”

The BCV is taking the BoE to the High Court in London next week in an attempt to release the funds.

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