Venezuela Seeks to Move $4 Billion Gold Reserves from London

Venezuela is nearing a deal to move $4 billion in gold from the Bank of England to the Federal Reserve Bank of New York after an almost eight-year legal tussle. Led by acting president Delcy Rodriguez, the government and opposition reached a rare consensus in August to work together to recover 31 tonnes of precious metal locked away in London's underground vaults.

Under the terms of the agreement, the Interim President would gain legal control over the bullion but would not be able to sell it immediately. The gold is expected to be used as collateral for government borrowings, including reconstruction efforts after devastating earthquakes hit Venezuela at the end of June, killing over 6,000 people.

The move could bring an end to a major dispute that began when Britain refused to recognize Nicolas Maduro as the legitimate president of Venezuela. The bullion has been the subject of a prolonged legal dispute in UK courts and has not been released despite Maduro's capture by the US in January.