Turkish company Sardes, which was established around January 2018, had been helping Venezuela to export its gold to Turkey until the Latin American state’s assets came under sanctions in November 2018.
The news about alleged gold transfers to Turkey come after a Bank of England decision to deny Venezuela the repatriation of its gold assets worth $1.2 billion without providing any reason for it.
The decision comes amid a US hostile campaign aimed at freezing Caracas’ foreign assets and depriving it of income.
This failed repatriation comes amid a sanctions campaign organized by the USA against the Latin American state in a bid to force President Nicolas Maduro to step down.
In the first month of operations Sardes imported $41 million worth of gold from Venezuela, and $100 million more the next month.
Bloomberg stated that by the end of its activities in November 2018, the company had moved a whooping $900 million worth of gold to Turkey.
Caracas sent Minister of Industries and Production Tareck El Aissami, to assess the gold refining facilities and conduct negotiations with his Turkish counterparts in January 2019.
Bloomberg says that the Venezuelan delegation left Turkey without coming to an agreement and will instead try to “replicate” the refining process at home?
Gold, rather than oil, may now be the crucial commodity to save President Nicolas Maduro’s government, IHS Markit political analyst Diego Moya-Ocampos has told CNBC.
Sputnik / ABC Flash Point Gold News 2019.