Despite the suffocating siege… tons of Venezuelan gold end up in the UAE and Turkey
A representative of the Venezuelan opposition said on Wednesday that Venezuela had sent gold to Mali in 2020 on board Russian-owned aircraft to exchange it for euros and US dollars, which enabled President Nicolas Maduro’s government to continue despite US sanctions.
Julio Borges, appointed by opposition leader Juan Guaido as his senior envoy abroad, told reporters that the gold was processed in Mali and most of it was resold in the United Arab Emirates so that the Maduro government could get at least $ 1 billion worth of euros in particular.
The United States accuses Maduro of rigging the 2018 elections that resulted in his re-election, and imposed sanctions on the OPEC member state of Venezuela in early 2019 with the aim of getting Maduro to resign.
The government of the socialist president has resorted to selling gold as a source of income, in light of the decline in central bank reserves to the lowest level in 50 years.
“We ask the American and European authorities to develop their systems to dismantle these organized crime groups,” said Borges, adding that the opposition monitored the Venezuelan gold trade over the past year, which resulted in a report that it presented on Wednesday.
He added that Noor Capital, an Emirati company that said in early 2019 that it had bought three tons of gold from the Venezuelan Central Bank, but would not undertake new transactions until conditions stabilized in Venezuela, had participated in 2020 transactions.
Noor Capital did not yet respond to a request for comment sent on Wednesday. The company had said in January 2019 that its purchases of Venezuelan gold met “international standards and applicable laws” as on January 21 of that year.
Borges’s assertions were not independently verified by Reuters.
A source close to the Venezuelan government said that a large part of the gold was its final destination, the Emirates, after two stops, but he did not give details.
There was no immediate response to requests for comment from the Venezuelan Central Bank and the Ministry of Information there.
Alexei Dembele, director of the office of the Minister of Mines in Mali, said the government was aware of gold being smuggled between Mali and the UAE, but did not know how the smugglers operate.
He added that customs earlier estimated the volume of smuggled gold at about 20 tons per year, but it has since declined.
“We were not aware of the specific case of Venezuela, but if the matter was found to be correct, all measures would be taken,” he said.
The UAE Ministry of Foreign Affairs declined to comment.
The UAE is one of the largest centers of gold trade in the world, and it has responded to previous criticisms regarding the lack of transparency of its dealings by pledging to put in place “more effective mechanisms to address the challenges posed by financial crime”.
Washington is imposing sanctions on Venezuela’s gold exports, and says Maduro continues to sell the metal to raise financing for his personal benefit.
A US State Department spokesman said, “Since 2016, Maduro has encouraged, supported, and facilitated mining, distribution, and the illegal sale of gold by his close circle, financing tyranny, disposing of his country’s natural resources as if they were his personal property, and inflicting damage on fragile ecosystems”.
Maduro is backed by the Venezuelan army and allies such as Russia, China and Cuba, and says Guaido is an American puppet seeking to topple him in a coup.
