Venezuela Opposition Nears Deal with US Over Stolen Gold
The Venezuelan government and an opposition faction are close to reaching a deal that would allow them to transfer $4 billion in gold from the Bank of England to the United States. The gold, worth around 31 metric tons, has been withheld by the British bank since 2019 due to concerns over the legitimacy of President Nicolas Maduro's government.
The deal would give the US control over access to the funds, which could be used for reconstruction efforts following June's twin earthquakes that devastated the country. The opposition faction has demanded a transparency protocol, US oversight, and a clear mechanism for approving the use of funds on a project-by-project basis.
The move is seen as a significant development in Venezuela's political landscape, with the acting government headed by Delcy Rodriguez seeking to remake the country's system and reopen its economy through oil deals and debt restructuring. The opposition faction has also backed off a UK court dispute over the gold, which was launched earlier this year.