London Daily

Focus on the big picture.
Wednesday, Aug 12, 2026

UK Supreme Court denies Maduro claim to Venezuelan gold

UK Supreme Court denies Maduro claim to Venezuelan gold

The UK Supreme Court has prevented Venezuelan President Nicolás Maduro from accessing $1.95bn (£1.4bn) of gold stored in the Bank of England (BoE).

Mr Maduro says the cash will be used to fight Covid-19 in the country.

The Supreme Court overturned a prior Court of Appeal ruling, meaning only opposition leader Juan Guaidó, who the UK considers as the legitimate leader, can decide what happens to the gold.

Despite this, in practice the UK deals with the Maduro administration.

Mr Guaidó and Mr Maduro have separately appointed two different sets of governors to Venezuela's central bank.

Mr Guaidó, who is recognised by more than 50 countries as the legitimate president, wants the gold to stay in the BoE's vaults.

But Mr Maduro, who remains in the presidential palace and in control of the government, military and police, has sued BoE to have the funds released.

Mr Maduro was re-elected to a second six-year term in May 2018 in highly controversial polls, which most opposition parties boycotted.

He claims the money will be transferred to the United Nations Development Programme (UNDP) to buy medical supplies to fight the pandemic.

His critics have blamed him for mismanaging Venezuela's economy, causing a severe crisis where millions of people need aid due to collapsing public services, soaring unemployment and a devalued local currency.

They claim Mr Maduro will use the funds to pay off foreign allies that support his regime.

Venezuela has been sanctioned by a group of nations including the US, UK, European Union, Canada, Switzerland, Panama and Mexico since 2014 over corruption, human rights violations and the suppression of democracy.

Further consideration needed


The Court of Appeal ruling had overturned an earlier UK High Court judgement in July 2020, which ruled that the UK government's recognition of Mr Guaidó as Venezuela's acting president was "clear and unequivocal".

On Monday, the Supreme Court said that the Court of Appeal ruling was "misplaced", because all British courts needed to accept that Mr Maduro was not recognised as president "for any purpose".

Venezuelan opposition leader Juan Guaido says the Transition Statute enables him to appoint central bank officials


However, it has now asked the Commercial Court to consider another issue - whether Mr Guaidó has been recognised by the UK government as merely being Venezuela's head of state, or if he has been recognised as its head of government as well.

Citing the Transition Statute - articles in the constitution which in such cases call for the leader of the National Assembly to step in - Juan Guaidó declared himself interim president in January 2019.

He has since used these laws to appoint central bank officials, which Mr Maduro continues to contend is not permitted under Venezuelan law.

Mr Guaidó welcomed the ruling on Monday, saying he and his appointees would "continue to be dedicated to the constitutional duty to protect the assets of the Republic for future generations".

Sarosh Zaiwalla, a London-based lawyer representing Venezuela's central bank, said: "Our client looks forward to continuing this case, with a view to showing that the Board of the El Banco Central de Venezuela (BCV) in Caracas is the only validly appointed authority to deal with Venezuela's foreign assets in the interests of the Venezuelan population."


What drives someone to cross South America on foot?


Newsletter

Related Articles

0:00
0:00
Close
China’s Kimi Launches AI-Focused Credit Card With Agricultural Bank of China and American Express
Former Labour Adviser Arrested on Suspicion of Spying for China Held Privileged Access as Top Party Donor
Turkish Parliament Passes Landmark Bill Granting Conditional Amnesty to Disarmed PKK Members
Donald Trump Warns FIFA Against Ousting Gianni Infantino Amid Revolt by Global Football Leaders
Jeff Bezos Joins Investor Group Closing In on $6 Billion Liverpool FC Stake
Police Conduct Cross-Border Raids Against Northern England Drug Network
Nicola Sturgeon Protested at Edinburgh Festival Fringe Event
Major UK Retail Chain Enters Administration With One Hundred Fifty-Four Stores Set to Close
Heathrow Renews Call for Runway Expansion After Losing Europe’s Busiest Airport Ranking
Government Condemns One Million Pound Thames Water Executive Bonus Amid Drought
NHS England Says More Than One Hundred Thousand Hepatitis C Patients Have Been Cured
UK Foreign Secretary Ed Miliband Calls for End to West Bank Settler Violence
UK Prepares for Deepest Partial Solar Eclipse Since Nineteen Ninety-Nine
UK Heatwave Triggers Amber Health Alerts as Economic Losses Reach Four Point Four Billion Pounds
UK Offers Electricity Bill Discounts to Communities Hosting New Power Infrastructure
Bank of England Expected to Hold Interest Rates at Three Point Seven Five Percent
UK Government Moves to Ban Subscription Traps and Misleading Retail Discounts
Andy Burnham Gives Councils New Powers to Block Betting and Vape Shops
UK Councils to Receive Sweeping Planning Powers to Ban New Vape and Betting Shops
Nicola Sturgeon Says She Has No Contact With Estranged Husband After SNP Embezzlement Case
Police Arrest Two Men After Aberdeenshire Defense Technology Office Break-In
Greater Manchester Councils Gain Powers to Restrict New Vape and Betting Shops
Coroner Finds Treasury Workplace Failures Contributed to Personal Assistant’s Suicide
English and Welsh Courts Ban Meta Smart Glasses Over Recording and Privacy Risks
Strait of Hormuz Disruption Could Double UK Inflation and Trigger Recession, Forecasters Warn
UK Expands Global Talent Visa Scheme to Support Research-Intensive Companies
UK Equity Funds Suffer Record One Point Six Billion Pound Outflow Amid Capital Gains Tax Fears
Three-Quarters of England Enters Drought as Fifth Summer Heatwave Raises Economic Risks
UK Hiring Stabilizes for First Time Since 2022 as Employers Adjust to Higher Payroll Costs
UK Chancellor Orders Whitehall Spending Cuts as Public Debt Exceeds Three Trillion Pounds
UK Manufacturing Output Records Fourth Straight Month of Growth
UK Condemns Russian Torture of Ukrainian Prisoners and Recruitment of Foreign Nationals
Long-Lost Royal Navy Warship HMS Tiger Found in English Channel After 118 Years
Northern Ireland Finance Minister Seeks Urgent Treasury Talks Over Regional Budget Pressures
UK Government Targets Subscription Traps and Misleading Discounts in New Consumer Rules
Alleged Cartel Boss Daniel Kinahan Extradited From Dubai to Face Criminal Charges
AI Chatbots Challenge Traditional News Consumption and Raise Job Concerns
Andy Burnham Government Promises Crackdown on Exploitative Business Practices
UK University Funding Model Faces Growing Pressure From Unsustainable Student Debt
Government Urged to Subsidise Energy Bills for Vulnerable UK Households
UK Military Spending Plans Threaten to Deepen Infrastructure Funding Gap
Israeli Government Rejects US Peace Framework for Gaza
New Labour Government Signals Closer Economic and Strategic Ties With European Union
Amber Heat-Health Alerts Issued Across England as Temperatures Threaten 36 Degrees
UK Economy Expected to Grow Despite Energy and Supply Chain Shock From Iran Conflict
Foreign Social Media Accounts Drove Disinformation During Belfast and Southampton Riots
Record Number of Migrants Cross English Channel in Single Vessel as Smugglers Deploy Mega-Dinghies
Russia’s A7 Builds a State-Linked Payments Network Beyond Western Sanctions
Reports of Mark Zuckerberg-Linked Superyacht Declining Rescue Assistance Draw Maritime Scrutiny
Preserving Three Banksy Artworks in London Has Cost Taxpayers Nearly £150,000
×