Venezuela Seeks to Transfer Disputed Gold Reserves from Bank of England
Venezuela is reportedly close to an agreement with the opposition to transfer its disputed gold reserves from the Bank of England to the Federal Reserve Bank of New York.
The gold, worth around $4 billion, has been withheld by the Bank of England since early 2019 due to concerns over the legitimacy of former president Nicolas Maduro's government.
Under the proposed deal, the interim government of Delcy Rodriguez would gain legal control of the gold but would be unable to sell it immediately. Instead, the reserve could be used as collateral for government borrowings, including reconstruction efforts following June's twin earthquakes.
The Bank of England has refused to release the 31 metric tons of Venezuelan gold in its vaults, citing the UK government's non-recognition of Maduro's legitimacy. The British foreign office spokesperson stated that the UK maintains its position of support for a democratic transition of power in Venezuela.