Venezuela Seeks Release of $4.4B Gold Stash in London

The Venezuelan government and opposition have reached an agreement to jointly pursue the recovery of approximately 31 tonnes of gold held at the Bank of England, valued at around $4.4 billion at current prices.

This move aims to help finance reconstruction efforts following the devastating June earthquakes in Venezuela, which claimed over 6,000 lives and caused significant damage to homes, hospitals, and infrastructure.

The gold has been frozen since 2018 due to the UK's recognition of opposition leader Juan Guaidó as Venezuela's interim president, rather than Nicolás Maduro. British courts have spent years debating which central bank board had the legal authority to control the reserves, leaving the bullion locked in London.