Raheem Kassam – TheNationalPulse.com
Venezuela is close to resolving a years-long legal battle over 31 tonnes of gold held in the Bank of England, potentially unlocking significant resources for reconstruction efforts.
WHAT HAPPENED: Venezuela is reportedly nearing a deal to move roughly $4 billion worth of gold from the Bank of England to the Federal Reserve Bank of New York, potentially ending an eight-year legal battle over the country’s reserves. The agreement, reached between the government of interim President Delcy Rodríguez and opposition figures, would cover approximately 31 tonnes of gold held in London and give Rodríguez’s administration legal control over the bullion, although it would face restrictions on immediately selling it.
DETAIL: Instead, the reserves could be used as collateral to secure financing for Venezuela’s reconstruction following devastating earthquakes in June. The dispute began after Britain refused to recognize Nicolás Maduro as Venezuela’s legitimate president following contested 2018 elections, effectively blocking his government from accessing the gold. The Bank of England has maintained that it cannot release the reserves without a further British court order determining who has legal authority over them. The reported agreement comes as the Trump administration moves toward closer engagement with Rodríguez, with President Donald J. Trump reportedly preparing for a potential first meeting with the Venezuelan leader next week. A Trump adviser described Venezuela as the President’s “top success” and said Rodríguez was a key part of that effort.