Iran is hauling gold bars out of Venezuela's almost-empty vaults

Section:

By Patricia Laya and Ben Bartenstein
Bloomberg News
Thursday, April 30, 2020

Out of cash and desperate for help in propping up its oil industry, Venezuela is raiding its gold vaults and handing tons of bars to its long-time ally Iran, according to people with direct knowledge of the matter.

Government officials piled some 9 tons of gold -- an amount equal to about $500 million -- on Tehran-bound jets this month as payment for Iran's assistance in reviving Venezuela’s crippled gasoline refineries, the people said. The shipments, which resulted in a sudden drop in Venezuela's published foreign reserve figures, leave the crisis-ravaged country with just $6.3 billion in hard-currency assets, the lowest amount in three decades.

... Dispatch continues below ...


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The two nations -- both pariahs of sorts in international circles -- are working more closely together as they try to withstand withering U.S. sanctions and a coronavirus-sparked collapse in the price of oil, their main source of revenue. For Iran, the deals provide a fresh source of revenue. For Venezuela, they ensure that its supply of gasoline doesn’t totally run out. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-04-30/iran-is-hauling-gold-...

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