Bloomberg: Maduro uses letters from Queen Elizabeth to show his recognition in the UK

Venezuela’s government has submitted recent letters signed by Queen Elizabeth II to bolster its claim for more than $1 billion in gold stored in the Bank of England.

Calixto Ortega, President of the Central Bank of Venezuela (BCV), said the diplomatic correspondence is evidence that the UK has recognized Nicolas Maduro as President of Venezuela.

Ortega said this undermined a ruling by a judge in London last month that denied Maduro’s government control over the bullion.

Ortega added that the UK’s issuance of visas to Maduro officials strengthened the government’s position.

Opponent Juan Guaido is also trying to regain control of gold in the long-running legal battle, after the United Kingdom recognized him as Venezuela’s president in 2019. Maduro’s government said it would appeal the court’s latest ruling.

“Three letters signed by the Queen constitute a formal charge,” Ortega said in Paris, on his way back from London to Caracas, where he discussed the matter with his lawyer.

The bullion, stored in the vaults of the Bank of England, represents about one-fifth of Venezuela’s international reserves of $5.2 billion, excluding Special Drawing Rights with the International Monetary Fund (IMF) that the country does not currently have access to.

With more legal debate expected, it is likely that neither the Maduro government nor Guaido and his allies will control the assets in the near future.

Caribbean islands

Ortega showed Bloomberg News two letters that Elizabeth II signed in June, as Queen of Saint Vincent and the Grenadines.

In the first letter, he informs him of the change of representative of the Caribbean country based in Caracas, while in the second letter he asks Maduro to adopt a new representative.

In another letter, the Queen wrote to Maduro on behalf of the Saint Lucia government. The three letters are addressed to “His Excellency President Nicolas Maduro Moros, President of the Bolivarian Republic of Venezuela”.

He said the letters were delivered to Ortega by the Venezuelan Foreign Ministry.

Queen Elizabeth is the Head of State for several Caribbean countries that are independent of London and pursue their own foreign policy.

strategy

Ortega’s legal team will decide on its new strategy while preparing his appeal.

Ortega said trying to include the letters as new evidence could risk prolonging the case even longer.

Maduro’s government believes the court’s decision has “serious consequences” for other countries with assets in the British financial system.

“What is at stake here is London’s reputation as the most neutral and reliable place to do business in the world,” Ortega said.

“They say something in court, and in fact, they act differently,” he added.

He also showed his own diplomatic passport, stamped with eight visas issued by UK authorities since June 2018, as evidence that the London government recognizes the legitimacy of Maduro officials.

He added that the British Chargé d’Affairs in Venezuela also requested an entry visa from the Maduro government in 2021, which was granted.

British judges, including the Supreme Court, have steadfastly accepted “the UK’s clear and explicit recognition” of Guaido as president.

UK courts are independent of political decision-making.

His victories at the London Stadium were one of the few bright spots in recent months for Guaido, who saw his support waning as Maduro retained power.

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