Venezuela sells gold reserves worth $ 570 million despite the sanctions

Venezuela sold around USD 570 million in gold reserves of the country's central bank over the past two weeks, avoiding US Treasury sanctions. designed to freeze the badets of the administration of the Nicolás Maduro. Caracas sold about 9.7 tons of gold on May 10 and another 4 tons three days later.

Operations determined that total reserves of the bank will fall to a minimum of 29 years from US $ 7,900 millions, according to data provided by the monetary authority. The proceeds will be used partly to finance imports through the country's foreign trade bureau. A press officer from a central bank did not immediately respond to requests for comments on sales.

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Since April, the Caribbean country has sold 23 tons of gold, in defiance of economic blockade intended to stop the lucrative trade that Maduro uses daily to maintain the loyal army to his regime. Last month, The Office of Foreign Assets Control of the US Treasury included the Central Bank of Venezuela in its list of sanctioned entities.

In recent months, Maduro has sold gold to companies United Arab Emirates and Turkey, sanctions excluding their increasingly authoritarian regime of the global financial system. While maintaining absolute control over the power on the ground, including the military and government bureaucracy, the Leader of the Opposition, Juan Guaidó, uses the support of dozens of countries to slowly seize Venezuelan financial badets abroad.

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Gold constitutes the majority of the reserves of Venezuela. According to unofficial calculations, he understands $ 1,200 million worth of precious metals deposited at the Bank of England, a country that recently blocked Maduro's repeated attempts to withdraw.