A judge in London has said the UK government had "unequivocally recognised" opposition leader Juan Guaido as Venezuela's president, in a battle over gold bullion held at the Bank of England.

The case was brought by the Banco Central de Venezuela, asking to release $1bn in gold reserves to help fund the cash-strapped country's response to the coronavirus outbreak.

The Bank of England said it was unable to act on instructions because it was "caught in the middle" of competing claims for the presidency after disputed elections in 2018.

A BCV board appointed by the government of Nicolas Maduro wants the gold released while a rival ad hoc board appointed by Guaido asked for the release to be denied.

Commercial Court judge Nigel Teare, sitting at the High Court of England and Wales, was asked to rule on who was authorised to make the demand - Guaido or Maduro.

In his judgement, he said on Thursday: "Her Majesty's Government does recognise Mr Guaido in the capacity of constitutional interim president of Venezuela and, it must follow, does not recognise Mr Maduro as the constitutional interim president of Venezuela."

SOURCE: NEW AGENCIES