Venezuela Demands Return of $4 Billion in Frozen Gold Reserves

Venezuela is seeking to recover its gold reserves worth $4 billion held at the Bank of England, which have been frozen since 2018. The country's government and opposition agreed this week to jointly demand the release of the reserves as part of US-backed negotiations.

The UK has refused to recognize the Venezuelan government, effectively blocking access to around 31 tons of gold kept in the vaults of the Bank of England. The dispute has been ongoing for years but has taken on a new dimension with the recent agreement between the government and opposition to jointly pursue the release of the reserves.

The funds will be used for reconstruction following devastating earthquakes that have claimed over 6,000 lives. In a joint statement, the two sides indicated that they will focus their efforts on recovering Venezuela's international reserve assets held at the Bank of England.