Venezuela Seeks Return of $4 Bln Gold From Bank of England Amid Reconstruction Efforts

Venezuela's government and opposition have joined forces to reclaim $4 billion worth of gold bullion held by the Bank of England, according to a report from the Financial Times.

The funds will be used for reconstruction efforts after recent earthquakes and to recover from the consequences of US sanctions, which have blocked Venezuela's access to 31 tonnes of gold since 2018.

The Bank of England is waiting for legal clarity on who will control the gold reserves once they are returned to Venezuela. An unnamed opposition figure told the Financial Times that a 'transparency mechanism' is being worked on to prevent misappropriation of the funds.