Venezuelan officials in London to collect 16 tons of gold from the Bank of England

Venezuela sent officials to London in an attempt to repatriate more than 16 tons of gold worth more than $500 million which had been deposited at the Bank of England. From Reuters:

The government of President Nicolas Maduro is seeking to bring 14 tonnes of gold back to Venezuela because of fears it could be caught up in international sanctions on the country, sources told Reuters this month.

The gold is a crucial asset for the struggling OPEC nation, where hyperinflation is expected to reach 1 million percent this year and a broad economic collapse has fueled an exodus of some 3 million people since 2015.

Maduro’s critics, including exiled opposition leader Julio Borges, have argued that the gold should not be repatriated because it could be used to finance corruption.

Last month, President Trump instituted new sanctions preventing U.S. citizens from dealing with

Back when the crisis in Venezuela was still in its early stages, some supporters of the socialist regime said Venezuela would manage its problems in part because it had a large reserve of $36 billion in gold. But hyperinflation and the degradation of the country’s oil company has forced the country to sell off a lot of that reserve. This year alone, Venezuela has sold off nearly a billion dollars worth of gold.