Venezuela Seeks $4 Billion in Gold Held by Bank of England

The Venezuelan government is seeking to reclaim $4 billion in gold bullion held by the Bank of England, according to a report from the Financial Times. This comes after the UK refused to recognize the Venezuelan government since 2018, blocking its access to 31 tonnes of gold stored in the bank's vaults.

The funds are intended for reconstruction efforts following recent earthquakes and recovery from US sanctions. The government and opposition have reportedly agreed on a 'transparency mechanism' to prevent the gold from being misappropriated, according to an unnamed opposition figure.

The Bank of England is waiting for legal clarity on who will control the gold reserves once they are returned to Venezuela.