Venezuela sells central bank gold reserves worth $270 million

Venezuela is learned have sold about $270 million in gold from central bank reserves on May 10 and earlier this week to countries like UAE and Turkey to fund imports through foreign trade office,

People with knowledge of the matter said the central bank reserves are now down to a 29-year low of $7.9 billion and the move of President Nicolas Maduro is to skirt US Treasury sanctions.

Since the beginning of April the Latin American country has sold 23 tones of gold to defy economic blockade and amid US Treasury sanctions that is increasingly cutting off his authoritarian regime from global financial system.

Maduro is still able to maintain a strangehold on power on the ground amid protests by opposition leader Juan Guaido, who has supports of United States and about fifty more countries.

The Venezuelan government has gold reserves worth of $1.2 billion with Bank of England, but lately Maduro has been blocked withdrawal attempts repeatedly.

Meanwhile, Norway is playing a mediating role in talks between the delegats of both sides in Oslo.

Over the years Norway has played key roles in hosting secret peace talks like in September 1993 the country helped in the negotiations of Israel with Palestine. In 2011 Philippines government and Maoist rebels met to talk while in 2002 a cease-fire between Sri Lankan government and Tamil Tiger rebel negotiators was brokered.

Paul Linus