Venezuela Seeks Release of $4 Billion Gold Reserve Amid Earthquake Recovery Efforts
The Venezuelan government is trying to access its gold reserves worth an estimated $4 billion that are currently locked away in the Bank of England's vault. The country wants to use the funds to recover from last month's devastating twin earthquakes, which killed thousands and caused a significant economic hit equivalent to six percent of Venezuela's GDP.
The gold was deposited by former President Nicolas Maduro in 2008, but the UK government refused to recognize him as the winner of the disputed 2018 presidential election. As a result, the Bank of England froze the gold, leading to a long-running legal battle.
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. She has written to King Charles III asking for the gold to be released for use in reconstruction efforts.