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Venezuela seeks release of 31 tonnes of London-held gold
The bullion is valued at about $4.4 billion at current prices and has been frozen in London since 2018 amid a dispute over which leadership controls Venezuela’s reserves.
Venezuela’s government and opposition have agreed to jointly pursue the return of about 31 tonnes of gold held at the Bank of England, aiming to raise funds for reconstruction after the June earthquakes, according to Mining.com citing the Financial Times of London.
The gold is worth about $4.4 billion at current prices, and officials said they plan to seek recovery of Venezuela’s international reserve assets in London while putting safeguards in place around how any proceeds would be used.
The push follows US-backed negotiations this month and centers on a recognition dispute that began in 2018, when the UK recognized opposition leader Juan Guaidó instead of Nicolás Maduro as Venezuela’s interim president, leaving the bullion frozen.
The agreement also comes as Venezuela addresses the economic fallout from the disaster, with the central bank attributing a sharp rise in July inflation to disruptions in the distribution of goods, while legal experts note recovery is expected to be complex because ownership of the reserves remains linked to the ongoing dispute.
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