More than 30 tonnes of Venezuelan gold held at the Bank of England could become a crucial bargaining tool in negotiations between the Venezuelan government and opposition, as the United States seeks to help broker a political agreement over the country’s frozen overseas assets.
Several people connected to the negotiations have confirmed that the possibility of releasing the bullion has grown as talks between representatives of chavismo and the opposition, mediated by the United States, have progressed since August. The gold, estimated at about 31 tonnes and worth approximately $4 billion, has remained frozen under the custody of the British regulator.
The dispute over the bullion emerged after opposition leader Juan Guaidó proclaimed himself president in 2019, claimed control over Venezuela’s overseas properties and rejected the government of Nicolás Maduro. Part of the international community had regarded Maduro’s government as fraudulent following the May 2018 presidential election.
British authorities are now understood to be prepared to release the resources if a political agreement is reached, according to sources close to the negotiations. The situation has changed since earlier disputes because London now recognises the legitimacy of Delcy Rodríguez’s mandate, following Washington’s recognition of her government.
A longstanding source of disagreement between the Venezuelan government and opposition has been the opposition’s distrust of the chavismo movement’s management of public funds. Under the proposed arrangement, the United States would mediate the agreement and assume control of the money for its administration. According to sources, any use of the resources would require approval from the US Treasury Department and the State Department.
The release of the funds has become a priority for US mediation as Venezuela confronts severe social and economic problems, which have been aggravated by the 2026 earthquake. Washington is aware that Venezuela possesses financial resources that could be used to address some of its difficulties, contributing to reluctance to commit large amounts of US money to the country’s reconstruction.
The gold is only one part of Venezuela’s wider pool of overseas assets. The country owns the US refining giant Citgo, valued at $10 billion and currently involved in costly litigation that carries the risk of losing the asset. Venezuela also has international assets belonging to Petróleos de Venezuela that were frozen during Nicolás Maduro’s government, as well as Special Drawing Rights held through the International Monetary Fund. A Portuguese court recently ordered the release of $1.5 billion in Venezuelan public funds held at Novo Banco.
Venezuela had deposited part of its international gold reserves at the Bank of England for decades, taking advantage of its role as a major global custody centre. In 2011, Hugo Chávez decided to repatriate the country’s gold, although some bullion remained in London.
“The National Assembly of 2015 is no longer a party to this litigation,” said opposition leader Gustavo Marcano, who is close to the process. “Once the government of the United Kingdom recognised Delcy Rodríguez, since last March, things have become clearer. Our role is to facilitate agreements with guarantees for transparency.”
The legal battle over control of the gold lasted more than five years. Maduro’s government claimed to be Venezuela’s legitimate government and the rightful owner of the reserves, while Guaidó argued that his position as president of the National Assembly gave him legitimacy to control the assets and accused Maduro of electoral fraud.
The dispute eventually reached the Supreme Court of the United Kingdom, producing an unusual legal confrontation involving two parliaments, two central banks and two executive powers representing rival political authorities. London maintained its position that Guaidó represented Venezuela’s democratic forces and refused to release the funds to Maduro’s administration.
Washington’s recognition of Delcy Rodríguez’s interim government in March has helped remove some of the obstacles surrounding the dispute. Britain, however, has not yet released the money, while disagreements over how the funds would be administered remain in the Caracas negotiations.
Leonardo Vera, president of the Venezuelan Academy of Economic Sciences, said the money could help address immediate needs following the earthquake, including housing, schools and health centres. But he noted that gold reserves are normally held as a financial cushion rather than spent on reconstruction.
“These are not normal times,” Vera said, arguing that pressure to secure funding for national reconstruction was immense because very little had been obtained so far. The final decision over whether the $4 billion in Venezuelan gold can be unlocked now rests largely on the outcome of the political negotiations and the role Washington chooses to play in administering the funds.
