Venezuela crisis: Maduro sells off COLOSSAL amount of gold as he flouts Trump sanctions

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The US Treasury had attempted to freeze the assets of the Nicolas Maduro administration but in spite of that, the state has managed to sell $570million (£448million) worth of gold. According to Bloomberg, the central bank sold around 9.7 tonnes of gold on May 10 and a further four three days later. The proceeds will now be used to try and generate imports into the country according to sources close to Bloomberg.

The US had attempted to cut off cash flow to Maduro’s government in order to try and remove him from the country.

Speaking in April following the removal of eight tonnes of gold from the central bank, a US State Department spokesman “condemned” the Maduro government from trying to “steal” from the Venezuelan people.

Criticising the move, the spokesman said: “The United States condemns all attempts by Maduro and his supporters to steal resources from the Venezuelan people.

“We encourage companies, banks, and other entities, whether in the United States or in other countries, not to participate in the former Maduro regime’s fire sale of Venezuelan resources.”

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The situation in the country has remained incredibly tense since opposition leader Juan Guaido launched his coup attempt.

Earlier this month, Maduro’s Foreign Minister Jorge Arreaza stressed that the South American nation is ready for any scenario should the US military intervene in the country.

Mr Arreaza insisted: “We are prepared for any scenario.

“If the US prefers the military path, we are ready to resist.

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“We have an army, police, our people, and we are ready to destroy any army, no matter how powerful it is.”

Mr Arreaza also warned that Russia still remains as an ally to the country as he tried to dissuade the US from any intervention.

He said: “I would like to remind you that a large part of military equipment in Venezuela is Russian.

“President Putin has offered us the best equipment that exists now and it allowed us to create a strong defence structure.”

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