Venezuela Finalizes Gold Transfer from Bank of England to Federal Reserve

The government of Venezuela and the opposition have finalized an agreement to transfer $3.5 billion in gold reserves from the Bank of England to the Federal Reserve of New York, bringing a seven-year dispute to an end.

The gold, valued at around $4 billion, has been held in the Bank of England's vaults since 2019, after the United States, the UK, and other countries recognized Juan Guaidó as Venezuela's legitimate leader.

Nicolás Maduro's government lost control over the reserves, and the opposition initiated a legal battle in British courts to access them. A representative from the Bank of England stated that they cannot act until a British court clarifies who has authority over the account.