Venezuela nears deal to tap disputed $4bn gold reserve

Thu Sep 17 2026

The Venezuelan government and opposition are reportedly close to an agreement to transfer around $4 billion of central-bank gold reserves from the Bank of England to the Federal Reserve Bank of New York.

Under the proposed arrangement, the interim government led by Delcy Rodríguez would obtain legal control of the gold but would not be able to immediately sell it. The gold could instead potentially be used as collateral for government borrowing, including funding reconstruction following the June double earthquake.

The agreement would address a seven-year dispute over approximately 31 tonnes of Venezuelan gold held at the Bank of England. The dispute began in 2019 after the US, UK and other governments recognised opposition leader Juan Guaidó as Venezuela's legitimate president.

The proposed transfer is part of a wider US-backed negotiation process between Venezuela's interim government and opposition aimed at creating conditions for new elections.

The opposition has sought safeguards over the bullion, arguing that the reserves should not be misused. An opposition figure involved in the talks said the gold would be transferred to the US but that Delcy Rodríguez would not have direct access and that it would be supervised and restricted.

The Bank of England said it could not act on instructions until a further order from the UK Court establishes who has legal authority over the account. The UK Foreign Office, Venezuelan government and opposition declined to comment.

The negotiations come as the UK and Venezuela agreed to upgrade diplomatic relations, with the UK planning to restore an ambassador in Caracas.

The potential gold agreement would also mark another step in Venezuela's international economic re-engagement after the IMF resumed official dealings with the country in April following a seven-year hiatus.

Source: https://www.ft.com/