Gold mined in Venezuela smuggled into Uganda

At least 8 tons of gold, extracted from the Venezuelan central bank by the Nicolas Maduro regime, according to the opposition, has been found in Uganda, according to that country's police, which warned that in total, 7.4 tons of Venezuelan gold have been smuggled out.

Venezuelan National Assembly deputy Angel Alvarado confirmed that part of this gold was extracted from the Central Bank of Venezuela (BVC) at the end of February. But he indicated that 0.6 tons are missing.

So far, the shipment is being held as part of the smuggling, and the Ugandan government has announced an investigation into how 7.4 tons of gold entered the country. According to the Spanish newspaper El Pais, the investigations are focusing on recent imports that reached the country's largest gold refinery, worth $300 million.

The refinery (AGR, by its English acronym) admitted that the gold came from South America, but did not provide further details and rejected the smuggling accusations, El Pais reported.

All required documents have been provided. [a la policía] “AGR’s transactions are legal and the documents are 1,000 percent legitimate,” the company told Reuters. However, Ugandan police spokesman Fred Enanga said intelligence reports indicated AGR received a 3.8-tonne shipment on March 2, and another 3.6-tonne shipment two days later. “But none of the shipments passed through the official customs entry points,” he added.

Three days after the shipments arrived, police entered AGR’s offices and found the 3.6-tonne shipment, but the first shipment was gone. “We are very interested in knowing where the 3.8 tons of gold are,” Enanga said. According to the state-run New Vision newspaper, the gold came from Venezuela.

Bullion sales are almost Maduro's only alternative to obtaining cash, given the decline in oil revenues and the closure of almost all international financing options due to the strict sanctions imposed by Washington to pressure him to leave power.

The Bank of England has another 31 tons of gold from Venezuela’s central bank, which has taken steps to withdraw it. But the South American country’s foreign minister, Jorge Arreaza, on Wednesday denounced the British entity for keeping Venezuela’s assets frozen.

The United States imposed new sanctions on Venezuela on Tuesday, this time on state-owned mining company Minerven and its chairman Adrian Perdomo, whom it accuses of running illicit gold operations that support Venezuelan President Nicolas Maduro.

Treasury Secretary Steven Mnuchin said the action targets Minervin Gold and its chairman “for supporting the inner circle of the corrupt Maduro regime” who is being pressured by Washington to leave power.

“We will aggressively pursue those involved in Maduro's illicit gold trade, which contributes to this financial, humanitarian and environmental crisis” in the Latin American country, he added.

The United States, which along with 50 other countries recognizes opposition parliamentary leader Juan Guaido as interim president, has imposed economic sanctions and an embargo on Venezuelan crude oil.