Venezuela’s oil economy has almost died due to the US sanction. Now, it relies almost solely on its gold trade for its sustenance. The United Arab Empire, Russia and Turkey are the biggest importers of the Venezuelan gold. Of these three, Turkey’s trade with the socialist Latin American is the one which worries the European Union and the United States the most. It is alleged that the gold reaches Turkey from Venezuela ostensibly for the purpose of refinement is shipped to Iran. The US is of the belief that the network of the Venezuela-Turkey-Iran gold trade is what enables the embattled Venezuelan President, Nicolas Maduro, who is on an ultimatum, to keep the loyalty of his country’s soldiers intact. The west now knows that the best way to topple the aggressive Venezuelan socialist is to cut off his revenue channels. The EU and US’ latest combined attempt to force Turkey to stop its engagements with Venezuela, particularly its gold trade, is regarded as the part of that strategy. The US has reportedly served an ultimatum to Turkey to cease its gold trade with Venezuela.

If Russia and the others does not increase their gold and oil import with Venezuela, Mr Maduro will be toppled as soon as the EU and the US find success in forcing Turkey to withdraw its backup –by all possibility that would not take more than few weeks.

It is not clear from where Iran has come to the picture. There is evidence that Turkey has brought in several tonnes of gold from Venezuela in the name of refinement and none of the imported has been returned. But, there is nothing to assume that what has been imported by Turkey has been exported to Iran. The possibility that Iran has been purposefully brought into the narrative to increase the strength of those against the Venezuelan trade cannot be ruled out blindly.

Vignesh. S. G
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