By Faruk Zorlu

ISTANBUL

A Turkey-based gold refinery "fully" denied the allegations that it purchases gold from sanctions-hit Venezuela.

In a statement, the Istanbul Gold Refinery said that it was not involved in trade with the Latin American country, including with the Venezuelan Central Bank.

International media reports alleged on Sunday that Venezuela’s Central Bank sells most of its gold to Turkish refineries.

"Istanbul Gold Refinery undertakes its activity with the highest international compliance standards, the statement added, underlining that it complied with in international sanctions," the statement read.

It went on to say it had informed international authorities and the London Bullion Market Association on the allegations and that it was "in touch with all stakeholders" to clarify the issue.