In a rare display of unity, Venezuela's government and key opposition factions have agreed to jointly pursue the release of 31 tonnes of gold—worth roughly €4bn—held in the vaults of the Bank of England since 2018. The decision follows two weeks of US-brokered talks and marks a significant shift in a country where political dialogue has often collapsed into acrimony.
The gold has been frozen in London since the UK stopped recognising the government led by Nicolás Maduro's successor, Delcy Rodríguez, in 2018. That decision effectively barred Caracas from accessing the assets, which are now the subject of a protracted legal battle in British courts. The Bank of England has said it will only release the bullion once a court ruling determines who has legitimate control.
Reconstruction after the earthquakes
The joint statement issued on Wednesday by both delegations says the funds are urgently needed to support reconstruction after the earthquakes of 24 June, which according to the latest figures left more than 6,000 people dead. The disaster has compounded an already severe economic crisis, with the central bank reporting that monthly inflation jumped to 19.9% in July, up from 13.8% in June. Economists estimate annual inflation at around 575%.
Ramón López, a member of the 2015 National Assembly delegation involved in the talks, told national television that the release of the assets would be conditional on "all the necessary planning and control mechanisms". He outlined a plan focused on rebuilding housing, health centres and schools in the affected regions. The funds, he said, would be deposited in accounts at the US Treasury Department and subject to audits by international firms before any disbursement.
López stressed that the agreement does not involve a trade-off with judicial reform—a topic also discussed at the technical meetings, along with strengthening the electoral authority. The opposition has long demanded an independent judiciary and a credible electoral system, but this deal appears to keep those issues separate.
Rodríguez had written to King Charles last month requesting the release of the gold held on Threadneedle Street. An opposition source consulted by the Financial Times said that "transparency mechanisms" would be put in place to prevent the funds "from ending up being stolen by the government", acknowledging that "there is no naivety" about the nature of the interim administration.
The UK Foreign Office has made clear that the British government is not a party to the court case that will determine control of the gold, while reiterating its support "for a democratic transition of power in Venezuela that reflects the will of the Venezuelan people". The Bank of England declined to comment, saying it awaits a legal ruling.
Broader context: sanctions relief and energy opening
The talks come as the United States has suspended some sanctions on Venezuela and is working closely with Rodríguez—who served as Maduro's vice president—to open the country's natural resources to foreign investment. This has already attracted interest from international oil companies, including BP's return with Gulf partners as the energy sector accelerates its opening.
The dialogue roundtables do not include María Corina Machado, the most popular opposition leader and winner of the Nobel Peace Prize, who has been living in Washington since late last year and was barred from returning to Venezuela after the earthquakes. Her absence has caused splits both within the opposition and among the hardest-line factions of the ruling party.
Since Maduro's capture, Venezuela has gradually been regaining access to international funds, including $350 million released in July from a tranche deposited at the IMF. Rodríguez's government is also seeking access to $4.6 billion in Special Drawing Rights, the IMF's reserve assets that member countries can exchange for other currencies—something the opposition had already agreed to in previous, abortive negotiations.
The country's sovereign debt is estimated at around $240 billion, making the restructuring under way the largest in history. The gold release, if approved, would provide a much-needed lifeline for a nation battered by years of mismanagement, corruption and sanctions, and now by natural disaster.
