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Venezuela Seeks Return of $4bn Gold from Bank of England

Financial Times Markets •
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Venezuela's government and opposition have united in a significant demand: the return of approximately $4 billion in gold reserves held by the Bank of England. This gold, comprising 31 tonnes, has been inaccessible since 2018 when the UK stopped recognizing Venezuela's socialist government, leading to a protracted legal dispute.

In a joint statement, both factions revealed the funds would be allocated for reconstruction efforts following recent earthquakes that claimed over 6,000 lives. The country's economy, already fragile due to mismanagement, corruption, and U.S. sanctions, is further strained by the disaster, with July inflation reaching 19.9 percent.

An opposition figure involved in the talks expressed caution, emphasizing the need for "transparency mechanisms" to prevent government misappropriation. The Bank of England has withheld the gold pending legal clarity on control, while the UK government has not yet commented. The U.S. has eased some sanctions and is engaging with Interim President Delcy Rodríguez to foster foreign investment in Venezuela's natural resources.