White House Warns Against Involvement in Venezuelan Gold in Anti-Maduro Campaign, Reports Reuters

By Shaylim Castro and Jeff Mason

CARACAS/WASHINGTON – The White House issued a warning to traders on Wednesday, advising against engaging in transactions involving Venezuelan gold or oil as part of new sanctions aimed at ousting socialist President Nicolas Maduro.

National Security Adviser John Bolton took to social media to caution traders against dealing in commodities "being stolen" from the Venezuelan populace, amid concerns that Maduro’s government may be covertly moving to export gold reserves abroad.

President Donald Trump held a phone conversation with Juan Guaido, Venezuela’s self-declared interim president, to reaffirm the U.S. commitment to supporting his efforts to restore democracy in the country.

Guaido, backed by Western allies including the United States, is advocating for an immediate governmental transition and new elections in Venezuela, an OPEC member with the largest oil reserves globally but currently facing severe economic distress. Contrasting this, Maduro, who has support from nations like Russia, China, and Turkey, insists on completing his second six-year term despite allegations of fraudulent election practices and ongoing economic collapse.

The sanctions further complicate Venezuela’s ability to manage its debts, including obligations to allies such as Russia and China, especially as the country’s oil production continues to decline. This situation has made it exceedingly difficult for Venezuela to sell oil to the U.S., its primary market.

Recent developments have raised suspicions regarding the Maduro administration’s plans, particularly following the arrival of a Boeing 777 flight from Moscow, which fueled speculation about potential gold shipments. Last year, substantial amounts of gold worth $900 million were previously sent to Turkey to bolster the central bank’s liquidity.

Flight details indicated that a Nordwind Airlines flight left Venezuela, while another Russian cargo plane arrived shortly before. However, despite rumors, sources claim that no gold was anticipated to depart on these flights. The central bank has not commented publicly on the situation.

Additionally, reports emerged regarding the presence of private military contractors linked to Moscow in Venezuela last week. Elliott Abrams, the newly appointed U.S. envoy for Venezuela, indicated that the U.S. is actively seeking to identify more assets belonging to the Maduro government, including gold holdings and bank accounts.

The Kremlin has expressed expectations for Venezuela to fulfill its debt obligations. Meanwhile, Russia has called on Guaido to abandon his demand for immediate elections, proposing instead a mediation approach. Nonetheless, previous efforts at dialogue between the government and opposition have been met with skepticism, as many opponents believe that Maduro utilizes such discussions to stifle protests and gain time.

Guaido’s representative in the U.S., Carlos Vecchio, emphasized that the only discussions they seek would involve negotiations for Maduro’s exit and new elections, while government officials maintain that the next presidential election is scheduled for 2025.

In response to Guaido’s call for action, thousands of protesters took to the streets across Venezuela, waving flags and honking vehicle horns in support of the demonstrations. Demonstrators expressed their desire for an end to a government they view as a humiliation for the nation.

The United Nations reported that over 40 people have lost their lives due to the unrest, with many others arrested, including minors.

A White House spokesperson stated that Trump and Guaido would continue to improve communication following a Venezuelan investigation that could lead to Guaido’s arrest. Abrams remarked that any actions against Guaido would be "foolish."

Oil prices surged nearly 3 percent on Wednesday amid ongoing concerns over potential supply disruptions. Bolton discussed recent meetings with Citgo executives, the U.S. subsidiary of Venezuela’s state-owned oil firm, highlighting that sanctions had complicated fuel import transactions.

As tensions rise, Maduro, who claims Guaido is executing a U.S.-backed coup, shows no signs of stepping down while retaining the support of military leaders. In a rallying call with troops, he challenged them to demonstrate courage, receiving enthusiastic support in return.