UK court overturns ruling on $1.8bn of Venezuelan gold

Appeal court sets aside ruling that gold could not be released to Nicolas Maduro-backing bank

A battle for the control of more than $1.8bn worth of Venezuelan gold stored at the Bank of England has swung in favour of the government of Nicolas Maduro after an appeals court in London overturned an earlier high court ruling concerning whom the UK recognised as Venezuela's president.

The court of appeal granted an appeal by the Banco Central de Venezuela (BCV) and set aside July's high court judgment, which had found that Britain's recognition of the opposition leader Juan Guaido as the constitutional interim president of Venezuela" meant the gold could not be released for the Maduro-backing bank.