The agreement would give Delcy Rodríguez’s government legal control over some 31 metric tons of Central Bank gold, although it could not immediately sell the bullion. The proposal would allow the government to use the reserves as collateral for loans, including financing for reconstruction following the June earthquakes.
The Daily Journal.- The interim administration of Delcy Rodríguez and the opposition delegation representing the 2015 National Assembly are close to reaching an agreement to transfer approximately $4 billion worth of Central Bank of Venezuela (BCV) gold reserves from the Bank of England to the Federal Reserve Bank of New York, the Financial Times reported Friday, citing four people familiar with the talks.
According to the report, the proposed agreement would give Delcy Rodríguez’s interim government legal control over the reserves, although it could not sell them immediately. Instead, the government could use the gold as collateral to secure financing.
According to the British newspaper, possible uses for those funds include loans to finance reconstruction following the two earthquakes that struck Venezuela in June.
The potential operation would change the custody arrangements for Venezuelan assets that have remained frozen in London for years amid a dispute over who holds the legal authority to control them.
On August 12, the Delcy Rodríguez administration and the National Assembly elected in 2015 agreed to focus on recovering Venezuela’s international reserve assets held at the Bank of England, as part of agreements reached during the first round of talks between the two sides.
Negotiators agreed to pursue the recovery of the assets through mechanisms based on “transparency, traceability and auditing” to ensure their efficient use and, according to the document, direct the resources toward the welfare of people affected by the earthquakes.
London requires a new court order
The Bank of England said it would take no action regarding the reserves until British courts issue a new ruling establishing who holds legal authority over the account.
“This requires the parties involved in the case to approach the UK Court to settle the dispute,” the institution told Reuters.
A spokesperson for the British Foreign Office said the government “was not a party in the legal case to determine who should have control of the Venezuelan gold held at the Bank of England.”
The spokesperson added that both the UK courts and the Bank of England operate independently from the British government.
For its part, the British government reiterated its political position on Venezuela. “The UK maintains its longstanding position of support for a democratic transition of power in Venezuela which reflects the will of the Venezuelan people,” the spokesperson said.
Venezuela Seeks to Recover Its Reserves
National Assembly President Jorge Rodríguez said last month that Venezuela was working to recover the gold reserves held in the Bank of England’s underground vaults, linking the initiative to efforts to counter accelerating inflation.
The Bank of England holds nearly 31 metric tons of Venezuelan gold, worth an estimated $4 billion.
The dispute dates back to early 2019, when the British government joined other countries in recognizing then-opposition leader Juan Guaidó as Venezuela’s interim president after questioning the legitimacy of Nicolás Maduro’s 2018 reelection.
Since then, the bullion has remained in London while British courts determine who has legal authority to control the assets.
Maduro’s capture by the United States in January 2026 did not end the litigation. Nor has a reported request from acting President Delcy Rodríguez to King Charles resulted in the recovery of the reserves.
With information from Financial Times and Reuters
