Iran Is Hauling Gold Bars Out of Venezuela’s Almost-Empty Vaults
- The shipments are repaying Iran for help in reviving refinery
- The two-long time allies are both targets of U.S. sanctions
Gold bars wrapped in plastic are seen before being transported to the Central Bank of Venezuela in 2018.
Photographer: Manaure Quintero/BloombergOut 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.