Venezuela's Government and Opposition Reach Agreement on Supreme Court and Gold Reserves

The Venezuelan government and opposition have reached an agreement in their negotiations, which is the result of the eighteenth attempt at talks in two decades. The first round of discussions was held on Wednesday in Caracas, where the parties agreed to renew the Supreme Court of Justice from scratch, rather than amending its current organic law. This decision effectively annuls the process that had begun in May, after a reform raised the court's size from 20 to 32 members.

The court has been at the center of controversy, particularly since it upheld Nicolás Maduro's re-election in 2024 despite allegations of fraud and without publishing disaggregated results. As part of the agreement, the parties will activate a new nomination process for the Supreme Court and set up a council to review candidates' credentials.

The opposition and government have also agreed to work together on recovering Venezuelan gold reserves held at the Bank of England, which amount to 31 tonnes. The funds would be used to assist those affected by the June 24 earthquake that left over 6,300 dead, according to the official toll. Transparency, traceability, and audit mechanisms will be implemented to oversee their use.