Venezuela, Opposition Close In on $4 Billion Gold Transfer Deal

The Venezuelan government and opposition have made significant progress in negotiations to transfer $4 billion worth of gold from London's Bank of England to New York's Federal Reserve Bank. The arrangement, if finalized, would mark a major breakthrough in a seven-year dispute over Venezuela's gold reserves.

According to four people familiar with the talks, the deal would transfer legal control of the gold to Delcy Rodríguez's interim government, but it would not be able to sell the assets immediately. The gold could instead be used as collateral for government borrowing, including to finance reconstruction efforts after a devastating earthquake in June.

The dispute began in 2019 when the United States, Britain, and several other countries recognized Juan Guaidó as Venezuela's legitimate president. The opposition claimed rights to the bullion held by the Central Bank of Venezuela at the Bank of England.