Venezuelan gold reserves in London may be freed as US-brokered talks advance

Talks facilitated by the United States are nearing a breakthrough that could free roughly 31 tonnes of Venezuelan gold bars, valued at about $4 billion, from the Bank of England’s custody. The frozen reserves have been the centerpiece of a legal battle between opposition figure Juan Guaidó, who claimed authority over overseas assets after declaring himself interim president in 2019, and the Maduro administration, which the international community has long disputed.

Britain, having shifted its stance to recognize Delcy Rodríguez’s interim government, signaled it would release the gold once a political settlement is reached and the U.S. Treasury and State Departments give their approval. The United States would manage the proceeds, aiming to channel them toward urgent reconstruction needs after the June earthquakes. Additional Venezuelan assets, including the Citgo refinery and frozen PDVSA holdings, remain part of the broader financial picture, but the gold release is seen as a pivotal step toward easing the country’s economic crisis.