Venezuela Demands Return of Gold Reserves From Bank of England
President Delcy Rodríguez ordered legal action to recover 31 tonnes of gold reserves from the Bank of England to fund public services and reconstruction.
Acting President Delcy Rodríguez has ordered the Venezuelan Chancellery and the Office of the Attorney General to initiate legal and diplomatic procedures to recover 31 tonnes of gold reserves held by the Bank of England. The assets, valued between $2 billion and $4 billion, have been frozen since 2019 after the United Kingdom refused to recognize the 2018 reelection of Nicolás Maduro.
Following US-backed dialogue, the government and an opposition delegation led by Dinorah Figuera agreed to form a joint commission to seek the return of the reserves. Rodríguez stated the funds are intended for public services and reconstruction efforts following a June 2026 earthquake. During a meeting at the Miraflores Palace, she rejected the reasons provided by the British institution for withholding the assets.
In related domestic efforts, Rodríguez announced the delivery of 41 heavy machinery units to Bolívar State to increase gold production for 2027. Meanwhile, the government is attempting to restore 1,300 MW of electricity generation capacity by the end of the year. However, GE Vernova CEO Scott Strazik stated the company will not begin repairs on the electrical grid without receiving payment upfront.
