Rodríguez Demands Return of Venezuela’s Gold from Bank of England
World
Venezuela’s acting president, Delcy Rodríguez, has demanded that the Bank of England return the country’s gold reserves and ordered officials to begin legal and diplomatic action. She said this on 28 October at a meeting broadcast by Venezolana de Televisión.
“I will not give up demanding that the Bank of England return our gold. Enough with the excuses. This gold belongs to Venezuelans, not to the Bank of England,” Rodríguez said. She said there was no justification for continuing to hold the reserves.
The dispute concerns Venezuelan gold held in the Bank of England’s vaults and valued at about $2 billion. It dates back to 2019, when Britain refused to release around 80 tonnes of gold to the government of Nicolás Maduro after rejecting the results of Venezuela’s 2018 presidential election and recognizing opposition leader Juan Guaidó.
Caracas and part of the opposition have resumed talks on the reserves. The Financial Times reported in September that the sides were discussing a possible transfer of gold worth about $4 billion from the Bank of England to the Federal Reserve Bank of New York. Reuters also reported talks over moving 31 tonnes of gold. Under the proposed arrangement, Rodríguez’s government would gain legal control of the assets but would not be able to sell them immediately; the gold could instead serve as collateral for state borrowing.
On 21 October, the government and the opposition faction taking part in the dialogue agreed to establish a joint commission to approach British institutions. The funds may support recovery after June’s earthquakes and public services.
The return of the gold, however, is not guaranteed. The Bank of England has said it needs an additional court order before transferring the reserves, meaning the parties must seek a ruling from a British court. Rodríguez has instructed state bodies to use available legal and diplomatic channels, but the assets have not yet been returned. The transfer remains under discussion, and no date has been set. Any release will depend on a British court ruling. The Bank has not released gold.
The dispute concerns Venezuelan gold held in the Bank of England’s vaults and valued at about $2 billion. It dates back to 2019, when Britain refused to release around 80 tonnes of gold to the government of Nicolás Maduro after rejecting the results of Venezuela’s 2018 presidential election and recognizing opposition leader Juan Guaidó.
Caracas and part of the opposition have resumed talks on the reserves. The Financial Times reported in September that the sides were discussing a possible transfer of gold worth about $4 billion from the Bank of England to the Federal Reserve Bank of New York. Reuters also reported talks over moving 31 tonnes of gold. Under the proposed arrangement, Rodríguez’s government would gain legal control of the assets but would not be able to sell them immediately; the gold could instead serve as collateral for state borrowing.
On 21 October, the government and the opposition faction taking part in the dialogue agreed to establish a joint commission to approach British institutions. The funds may support recovery after June’s earthquakes and public services.
The return of the gold, however, is not guaranteed. The Bank of England has said it needs an additional court order before transferring the reserves, meaning the parties must seek a ruling from a British court. Rodríguez has instructed state bodies to use available legal and diplomatic channels, but the assets have not yet been returned. The transfer remains under discussion, and no date has been set. Any release will depend on a British court ruling. The Bank has not released gold.
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