Venezuela Opposition Inches Closer to Deal for $4 Billion in Gold

A Venezuelan opposition faction and the country's government are close to reaching an agreement that would allow $4 billion in gold to be transferred from the Bank of England to the United States. The deal would give US authorities control over access to the funds, which could be used for reconstruction efforts after June's devastating earthquakes.

The talks between the opposition and the government aim to remake Venezuela's political system and reopen its economy with oil deals and a major debt restructuring. The Bank of England has withheld 31 metric tons of Venezuelan gold since early 2019 due to Britain's refusal to recognize President Nicolas Maduro, who was ousted in January.

The opposition has demanded transparency, US oversight, and a clear mechanism for approving the use of funds on a project-by-project basis. Under the proposed deal, the unfrozen gold would likely move to the Federal Reserve Bank of New York, with one source suggesting that the US Treasury would administer it.