Venezuela Requests Release of Frozen Gold for Earthquake Recovery

Interim President Delcy Rodriguez has written to King Charles III requesting the release of approximately 30 to 32 tonnes of Venezuelan gold reserves held at the Bank of England. The assets, valued between $1.9 billion and $4.2 billion depending on the estimate, are intended to fund emergency relief and reconstruction following two earthquakes of magnitude 7.2 and 7.5 that struck the north-central coast of Venezuela on June 24. The disasters killed 3,811 people and injured 16,740, with NASA estimating that up to 60,000 buildings were damaged or destroyed, particularly in the La Guaira region.

Access to the gold is currently blocked by the United Kingdom's refusal to recognize the government in Caracas and a 2021 Supreme Court ruling. UK Foreign Secretary Yvette Cooper stated that recognition will be withheld until there is a transition to democracy. While the United States partially eased sanctions to allow for relief transactions and provided over $386 million in aid, the total infrastructure damage is estimated by the United Nations at $37 billion.

Beyond the request to the British monarch, Rodriguez is seeking the release of between $3.5 billion and $5 billion in Special Drawing Rights from the International Monetary Fund. Foreign Minister Yván Gil also called for the release of frozen state assets during a meeting with the UN Office for the Coordination of Humanitarian Affairs, noting that various global accounts remain frozen due to illegal sanctions. Buckingham Palace has not yet commented on the request.