Inside Story

Will UAE face sanctions over Venezuelan gold?

Venezuela’s president is reportedly ready to sell gold to the UAE as he tries to keep his crisis-hit country solvent.

The economic crisis in Venezuela has forced millions of people to leave the country, as they cannot afford basic goods such as food and medicine.

In an attempt to buy in imports and meet the demands, President Nicolas Maduro has been using the country’s gold reserves.

The Reuters news agency reported that Maduro is planning to sell 29 tonnes of gold this month from the central bank vaults to the United Arab Emirates (UAE) in return for cash in euros.

The United States is warning anyone involved in dealing in gold faces Treasury sanctions. So will Washington take action against the UAE? And what comes next? 

Presenter: Martine Dennis


Bill Law – Middle East analyst who writes for the website, The Gulf Matters
Tom Long – Associate professor of politics and international studies, University of Warwick
Naeem Aslam – Chief market analyst at the online brokerage firm, Think Markets