Venezuela's President Nicolas Maduro touches a gold bar as he speaks during a meeting with the ministers responsible for the economic sector at Miraflores Palace in Caracas, Venezuela March 22, 2018. To match Exclusive VENEZUELA-GOLD/ REUTERS/Marco Bello/File Photo
Business Insider: Venezuela really wants its $550 million worth of gold back from the Bank of England
* The deepening economic crisis in Venezuela means its government wants to get back its gold reserves, worth more than $500 million.
* According to Reuters, Venezuelan authorities have approached the Bank of England about repatriating approximately 15 tons of gold bullion held in the bank's vaults.
* The move is said to be a response to recently announced sanctions by the US aimed at disrupting the South American country's gold exports.
* Venezuela is aggressively selling its gold reserves to fund attempts to cope with the crisis, which has led to widespread poverty and violence.
The deepening economic crisis in Venezuela means the government really wants to repatriate its gold reserves, worth more than $500 million.
Reuters reported on Monday that Venezuelan authorities had approached the Bank of England about getting back approximately 15 tons of gold bullion held in the bank's vaults. It's common for emerging-market governments to store gold within the central banks of more developed economies.
Citing two sources with direct knowledge of the operation, Reuters said that the plans related to recently announced sanctions by the US aimed at disrupting the South American country's gold exports.
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Update: Bank Of England Refuses To Release Venezuela's Gold (Zero Hedge)
WNU Editor: That was not expected.
