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Why didn't the British court pay gold to Venezuela

Why didn't the British court pay gold to Venezuela

British court recognizes Venezuelan leader Juan Guaido and is determined not to pay the Maduro administration gold.

The Maduro government failed to make its first attempt to reclaim the gold deposited in Britain.
According to Reuters, the final hearing in the trial lasted four days last week.

The judge from the British High Court, Mr. Nigel Teare, issued the final verdict. Accordingly, Britain officially recognized Mr. Guaido as the interim constitutional president of Venezuela.

"The Queen's government recognizes Guaido as the constitutional interim president of Venezuela and, therefore, does not recognize Maduro as the constitutional interim president of Venezuela."

Teare said.

Prior to this ruling, the Venezuelan incumbent government recognized that the Central Bank of Venezuela will appeal.
Mr Sarosh Zaiwalla, a lawyer representing the SR, said that the ruling "completely ignored the actual situation".

"The Maduro government has complete control of Venezuela and its administrative organizations, only it can guarantee the distribution of humanitarian aid and medical supplies needed to counter Covid-19. Today will delay the resolution of the problem, which is detrimental to Venezuelans."
the lawyer said.

Venezuela's central bank called the ruling "ridiculous", saying it would "immediately appeal against the unjust and unjustified decision of the British court seeking to deprive Venezuelan people in desperate need of this gold to handle Covid-19.

Venezuela's $ 1 billion worth of gold is stored in the Bank of England.

Maduro had previously said he wanted to sell the gold to save money for Venezuela's COVID-19 disease control. However, Western sanctions prevented him from fulfilling this intention.

Bank of England BOE said it could not comply with the request from Mr. Maduro because "stuck" before the dispute as president of Venezuela. The BCV leadership, appointed by Maduro's government, wants gold, while Guaido's opposition leadership opposes this.

After the ruling on July 2, Mr. Guaido hailed it as a "great victory".

According to Reuters, the government of President Nicolas Maduro has sold 30 tons of gold reserves in the past 2 years to collect cash.

However, the British newspaper did not specify that the money was used by Mr. Maduro to remedy the consequences of sanctions from the US government.

In February, the Venezuelan government announced that it had filed an application to the International Criminal Court (ICC) to investigate the crimes against humanity committed by US sanctions on the people of Venezuela.

Venezuelan Foreign Minister Jorge Arreaza said Caracas had officially raised the issue with the ICC prosecutors, calling it an "economic war," under which the "unilateral coercive measures of The US is a crime against humanity that applies to Venezuelans, violates international law and needs to be stopped. "

Mr. Arreaza insisted that international law should be respected and that this is the necessary legal action to set a precedent for cases similar to the unilateral sanctions that the US has imposed on some other countries. in the world like Cuba or Iran.

In 2019, the U.S. government imposed sanctions on the oil industry - Venezuela's main foreign exchange earner - and its national airline, Conviasa.

The ICC was founded in 2002 to hear the most serious crimes in the world, namely war crimes and crimes against humanity.

The United States is not a member of the ICC, but the court can rule on matters related to the people of ICC member states, including Venezuela.


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