CARACAS - Citibank and Deutsche Bank have taken control of around $1.4 billion of Venezuelan government gold, which they received as guarantees for loans, as a result of U.S. sanctions on the Venezuelan Central Bank, according to five sources.Between 2014 and 2016 the central bank used a portion of its foreign gold reserves to guarantee financial operations with banks to boost liquidity, with the intention of repaying the loans to avoid losing the gold.
Citibank took control of gold for around $400 million BCV was supposed to repay in 2020. For a separate guarantee Deutsch Bank took $1 billion, the sources said.Reuters has not been able to review the gold swap contracts the BCV signed with the banks and it is not clear if the central bank could initiate legal proceedings to seek to regain control of the gold.
In March of this year, the BCV was unable to pay $1.1 billion to Citibank via a repurchase agreement to recover part of the gold it gave to Citibank for a $1.6 billion loan, sources told Reuters at the time. The BCV was supposed to pay another $400 million in 2020 to Citibank under the agreement, but Citibank has now taken the gold instead.
Putin already took most of the gold out of there. Venezuela used their country as collateral for a Russian oil company and failed. Putin owns Venezuela.
I want to buy Venezuela
Sounds to me like DerangedDonald owes Venezuela a lot of money. He's causing them to lose their gold because of sanctions that are most likely illegal according to international law.
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