AGR Daily 60 Second News Bites

Venezuela and Turkey Unite to Refine Tons of Gold Amid US Sanctions

Ozkan, who is now a senior fellow Washington-based Center for Global Policy, said gold is replacing oil as Venezuela’s chief source of income.

“They have significant problems in producing and refining the oil,” he said of Venezuela. “Most of the oil income also has been automatically deducted by the international parties for Venezuelan debt overseas. Naturally gold came forward as good choice,” Ozkan said.

Venezuelan gold, however, has been suffering from controversies, including environmental concerns and allegations of involvement of organised crime in the industry.

And with recent US sanctions that criminalise gold imports from the country, the industry is expected dwindle. It remains to be seen whether Venezuela would be able to continue to export more than 20 tonnes of gold in 2019.

However, Turkey maintains its close contact with Caracas, and last week Turkish Vice President Fuat Oktay attended the…

View original post 22 more words

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.