UK Court 'Unequivocally Recognizes' Guaido As Venezuelan President In $1Bln Fight For Gold

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UK Court 'Unequivocally Recognizes' Guaido as Venezuelan President in $1Bln Fight for Gold

The High Court in London ruled on Thursday against the government of Venezuelan President Nicolas Maduro in a legal battle for over $1 billion of gold stored in the Bank of England, saying it recognized opposition figure Juan Guaido the president of Venezuela

MOSCOW (UrduPoint News / Sputnik - 02nd July, 2020) The High Court in London ruled on Thursday against the government of Venezuelan President Nicolas Maduro in a legal battle for over $1 billion of gold stored in the Bank of England, saying it recognized opposition figure Juan Guaido the president of Venezuela.

The Bank of England denies Caracas access to the national gold reserves over UK and US sanctions on the Maduro government. In April, Caracas requested to sell parts of Venezuelan gold reserves being held in the bank and send funds to the United Nations, pledging that the money would be used solely to fight the coronavirus pandemic. After apparently being refused, Venezuela lodged a legal claim in a London court in May.

"Whatever the basis for the recognition, Her Majesty's government has unequivocally recognised Mr Guaido as president of Venezuela," judge Nigel Teare said, as quoted by Sky News.

The judge went on to note that, it must follow, that the UK government "does not recognise Mr Maduro as the constitutional interim president of Venezuela" and refused to give the gold to his government.

The legal team of the Venezuelan Central Bank says it will try to appeal the court decision.

In January 2019, Venezuela plunged into a political crisis when the then-head of the opposition-controlled National Assembly, Guaido, proclaimed himself interim president in a bid to oust re-elected Maduro from power. The United States and most of Western countries, including the UK, have endorsed Guaido, slapped sanctions on Venezuela and froze its assets abroad. Russia, China, Turkey and other nations have supported Maduro as the only legitimate president.

Maduro accuses the West of using sanctions to topple him and take hold of Venezuela's assets and resources.