Venezuela’s UK-held gold to be placed under US Treasury control

Venezuela's government and opposition have reached an unusual agreement to jointly pursue the return of 31 tonnes of gold reserves worth an estimated $4 billion held in the Bank of England's underground vaults, with the funds earmarked for reconstruction after devastating earthquakes struck the country in June.

A Rare Political Consensus

The joint effort emerged from two weeks of US-brokered talks between the acting government of Delcy Rodríguez and representatives of the opposition-majority parliament elected in 2015. National Assembly chief Jorge Rodríguez said on August 12 that the government and lawmakers had agreed to "concentrate efforts to promote the recovery of Venezuela's international assets in the Bank of England," according to Reuters.reuters

The Financial Times News Corp ↗ 0.12% first reported on August 13 that the two sides issued a joint statement declaring their intent to recover the reserves. Ramón López, a legislator affiliated with the opposition delegation, said the gold would "be deposited in a US Treasury account and audited by international firms," with proceeds directed toward housing, healthcare, and support for families displaced by the June 24 earthquakes.venezuelanalysis+1

The Bank of England has not commented on the matter and is reportedly awaiting a court decision before transferring the bars. The British Foreign Office has said the UK government holds no role in the judicial proceedings determining the gold's ownership.indexbox

Earthquake Recovery and Economic Crisis

The June 24, 2026, double earthquake — two strike-slip events measuring magnitudes 7.2 and 7.5 that struck just 39 seconds apart — killed more than 6,300 people, hospitalized over 73,000, and caused an estimated $37 billion in direct damage. Venezuela's central bank said the disaster contributed to monthly inflation surging to 19.9% in July from 13.8% in June, with year-on-year inflation reaching 575.9%.wikipedia+1

Broader Asset Disputes

The gold has been frozen since 2018, when the UK ceased recognizing the Venezuelan government under Nicolás Maduro. During the Covid-19 pandemic, Venezuelan authorities launched an unsuccessful legal effort to reclaim the reserves through UK courts. Rodríguez wrote to King Charles in July requesting the bullion's release.facebook+2

The gold is the latest Venezuelan state asset drawn into Washington's orbit. Since what Venezuelanalysis described as a January 3 US operation that removed Maduro from power, the Trump administration has seized control of Venezuelan export revenues, with disbursement left at the discretion of White House officials. Venezuelan officials have also called for the release of $4.5 billion in IMF Special Drawing Rights and multiple frozen bank accounts belonging to state institutions.venezuelanalysis+1