Venezuela Nears Deal to Transfer $4 Billion Gold Reserves

The Government of Venezuela and opposition forces are nearing an agreement to transfer approximately $4 billion in gold reserves from the Bank of England to the Federal Reserve Bank of New York. Under the proposed terms, the interim government led by Delcy Rodríguez would gain legal control of the assets, though restrictions would prevent the immediate sale of the bullion.

Venezuela intends to use the gold as collateral for borrowing to fund public spending and reconstruction efforts following a devastating double earthquake in June. This arrangement aims to resolve a legal dispute over the assets that began in 2019, when the United States and United Kingdom recognized Juan Guaidó as the legitimate president over Nicolás Maduro.

The Government of the United Kingdom has stated it is not a party to the legal proceedings, noting that British courts and the Bank of England operate independently.