US Mediation Paves Way for Release of Frozen Venezuelan Gold

Venezuela's government and opposition are in talks to release frozen assets abroad as part of negotiations mediated by the United States. The discussions center around Venezuelan gold reserves held at the Bank of England, valued at approximately $4 billion.

The gold, equivalent to about 31 tons, has been frozen under British regulation since opposition leader Juan Guaidó proclaimed himself interim president in 2019. He claimed control over national assets abroad and refused to recognize the government of Nicolás Maduro, which part of the international community deemed illegitimate following accusations of fraud in the May 2018 elections.

British authorities have signaled a willingness to release the assets if a political agreement is reached, according to sources close to the negotiating team. This stance marks a change from 2015, when London recognized Guaidó as representative of democratic forces and refused to hand over the assets to an administration it deemed illegitimate.

The U.S. mediation would be responsible for closing the deal and assuming control of the funds to administer them. Use of those resources would require approval from the Treasury Department and the State Department, with a focus on addressing Venezuela's severe social and economic problems worsened by recent earthquakes.