Venezuela Seeks $4 Billion Gold Reserve Return Amid Earthquake Recovery Efforts
The Venezuelan government is seeking to recover its gold reserves held by the Bank of England, worth an estimated $4 billion.
Caracas wants the gold returned to help with earthquake recovery efforts following last month's devastating twin earthquakes that killed thousands and caused economic damage equivalent to 6% of Venezuela's GDP, according to the UN Development Programme.
The gold has been frozen since 2018, when the UK refused to recognize then-President Nicolas Maduro as the winner of the disputed presidential election. With Maduro now in custody in New York, his former deputy Delcy Rodríguez has taken over and is trying to restore diplomatic relations with the US, including opening up Venezuela's oil sector to US investment.
She has written to King Charles III asking for the gold to be released for use in reconstruction efforts. However, it's unclear whether the UK government will listen, as its former Foreign Secretary Yvette Cooper said that while the Bank of England makes decisions independently, 'our principles focus on maintaining and promoting stability and the transition to democracy'. Rodríguez has had some success in winning over doubters, recently ending a seven-year freeze in relations with the International Monetary Fund.