The UK Supreme Court has rejected Maduro's claim to Venezuelan gold.

Britain's Supreme Court has prevented Venezuelan President Nicolas Maduro from gaining access to the $1.95 billion (£1.4 billion) worth of gold held by the Bank of England (BoE).

Maduro said the money would be used to fight Covid-19 in his country. In practice, however, Britain is dealing with the Maduro government. Mr Guaido and Mr Maduro each appointed two different groups of governors for the Central Bank of Venezuela.

Mr Guido, who has been recognized as the rightful president by more than 50 countries, wants gold to remain in the BoE's vault. But Maduro, who remains in the presidential palace and controls the government, military and police, is suing the BoE for releasing the funds. He claimed the money would be used for the United Nations Development Program (UNDP) to purchase medical supplies to help fight the pandemic.

His critics accuse him of mismanaging Venezuela's economy and causing a serious crisis in which millions of people need help due to collapsing public services, rising unemployment and the devaluation of the national currency.

They say Maduro will use the funds to pay foreign allies who support his regime. Venezuela has been sanctioned since 2014 by a group of countries including the United States, Britain, the European Union, Canada, Switzerland, Panama and Mexico for corruption, human rights abuses and the suppression of democracy.

The High Court's decision overturned an earlier ruling by Britain's Supreme Court in July 2020 which stated that the British government's recognition of Guaydo as Venezuelan President-in-Office was "clear and unambiguous".

On Monday the Supreme Court said the Court of Appeal's decision was "wrong" as all UK courts had to accept that Maduro was recognized as President for "no purpose".

Now, however, he is asking the commercial court to consider other questions - whether Guido is recognized by the British government only as Venezuela's head of state or whether he is also recognized as head of its government.

Citing a transitional law - a member of the constitution that asks the chairman of the National Assembly to intervene in such cases - Juan Guaido declared himself interim president in January 2019.

Since then, he has used the law to hire central bank officials, which Maduro says is illegal under Venezuelan law.

Saros Zaivala, a London-based lawyer who represents the Central Bank of Venezuela, said: “Our client hopes to proceed with this case to demonstrate that the board of directors of El Banco Central de Venezuela (BCV) in Caracas has legally appointed the sole Authority over the assets. Venezuelan foreigners for the benefit of the Venezuelan people."