Venezuela Seeks to Claw Back $4 Bln Gold From Bank of England

Venezuelan authorities are seeking to reclaim $4 billion worth of gold bullion held by the Bank of England, according to a report from the Financial Times.

The move comes after the UK government refused to recognize the Venezuelan government in 2018, blocking access to 31 tonnes of gold stored in the vaults of the Bank of England.

The funds will be used for reconstruction efforts following recent earthquakes and recovery from the consequences of US sanctions, which have severely impacted Venezuela's economy.

An unnamed opposition figure told the Financial Times that a 'transparency mechanism' is being worked on to prevent the gold from being misappropriated upon its return.