The gold was placed as collateral by Venezuela's central bank on a $1.6 billion loan after the deadline for repurchasing them expired this month.
Citigroup plans to sell several tons of gold placed as collateral by Venezuela's central bank on a $1.6 billion loan after the deadline for repurchasing them expired this month, sources said, a setback for President Nicolas Maduro's efforts to hold onto the country's fast-shrinking reserves.
The ability of Maduro's government to repay the loans have been complicated by the South American country's dire economic situation as well as financial sanctions imposed by the United States and some European nations. With Washington's support, Guaido's team has taken control of state oil company PDVSA's U.S. refining subsidiary but its attempt to negotiate a 120-day extension of the repurchase deadline for the collateral was unsuccessful, the sources said.
Citigroup declined to comment. The Venezuelan Central Bank did not immediately respond to a request for information. However, the bullion remained in the custody of the Bank of England, despite the Central Bank's request to repatriate it. In light of that transaction, the sources said there was no incentive for the Central Bank to repay Citibank.
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