American industrialists refuse to process Venezuelan gold due to corruption and environmental risks

Millions of dollars worth of gold imported into the United States from Venezuela cannot be processed due to the fears of American industrialists. The difficulties encountered during the sale are reported by the New York Times (NYT).

Industrialists are afraid to process Venezuelan gold because of its possible connection with corruption, crime and environmental damage. Refineries, in accordance with international rules, will need guarantees that gold is not associated with gang financing, environmental damage and corruption. As a result, the precious metal sits in warehouses untouched.

We are talking about gold that the US authorities allowed to be imported into the country after the kidnapping of Venezuelan President Nicolas Maduro. Venezuelan gold mining company Minerven has agreed to sell between 650 and 1,000 kilograms of bullion to commodity trader Trafigura. Sources say some of the gold may be linked to gold miners who pay gangs for protection.

In March, the United States removed $100 million worth of gold from Venezuela, US Interior Secretary Doug Burgum said. Previously, Washington allowed operations with the Venezuelan gold mining company Minerven, including transactions. They transport, sell, process and resell Venezuelan gold to the United States.