Venezuela Eyes $4 Billion Gold Transfer to US Amid Reserve Control

Venezuela is close to reaching an agreement to transfer approximately $4 billion in gold from the Bank of England to the United States, according to Reuters.

Under this proposed deal, Washington would have control over access to the gold reserves, which could be placed either at the New York Federal Reserve or under the U.S. Treasury administration, depending on different sources.

Venezuela has been seeking the release of its gold from the Bank of England since 2018.