Venezuela Opposition Nears Deal to Free $4 Billion in Gold from UK

The Venezuelan government and a faction of its opposition are in talks to release $4 billion in gold from the Bank of England, which has been withheld since 2019. The gold is currently held by the Bank of England due to Britain's refusal to recognize the legitimacy of President Nicolas Maduro, who was ousted in a US raid on Caracas in January.

The opposition faction has backed off its UK court dispute over the bullion and is now negotiating with the acting government headed by Delcy Rodriguez. The talks aim to remake the country's political system and reopen the economy through oil deals and debt restructuring.

Under the proposed deal, the unfrozen gold would move to either the Federal Reserve Bank of New York or be administered by the US Treasury. This would give the Rodriguez government legal control of the gold but not enable it to sell the holdings immediately.