$4B Venezuela Gold Transfer Looms as US-Backed Talks Bear Fruit
A potential breakthrough in Venezuela's seven-year standoff over blocked reserves may be near, with an accord close between the country's administration and its opponents to transfer approximately $4 billion in national gold from the Bank of England to the Federal Reserve Bank of New York.
The plan involves roughly 31 tonnes of bullion and would grant Delcy Rodríguez's interim administration legal authority over the holdings, while barring any immediate sale. Instead, the gold might be used as security for sovereign borrowing, including funding rebuilding efforts following twin earthquakes that hit Venezuela in June.
The possible arrangement is characterized as an early tangible outcome of US-supported talks between the Venezuelan government and opposition, as the South American country pursues expanded access to global financing. The International Monetary Fund restarted formal engagement with Caracas in April following a seven-year pause, and Washington has eased certain sanctions on Venezuela's economy.