Venezuela closing in on deal to move $4bn gold reserves from Bank of England to New York
Por Gergana Krasteva — – World RSS Feed
Venezuela closing in on deal to move $4bn gold reserves from Bank of England to New York
Gergana Krasteva Friday 18 September 2026 15:47 BST
- Bookmark
- Comments Go to comments
Bookmark popover
Removed from bookmarks
Close popover
Your support helps us to tell the story
Read more Support Now
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference. Read more
Venezuela is nearing a deal to move $4 billion (£2.9 billion) in gold from the Bank of England to the Federal Reserve Bank of New York after a years-long legal tussle, it has been reported.
Led by acting president Delcy Rodriguez, the government and the opposition reached a rare consensus in August – to work together to recover 31 tonnes of precious metal locked away in London’s underground vaults.
Under the terms of the agreement, the Interim President would gain legal control over the bullion, but would not be unable to sell it immediately, the Financial Times reported.
“The gold is going to the US but Delcy won’t have direct access to it,” said an opposition figure reportedly involved in the ongoing negotiations . “It will be supervised and restricted.”
open image in galleryThe reserve could be deployed as collateral for government borrowings, including for reconstruction after the twin earthquakes devastated the South American country at the end of June, killing more than 6,000 people.
The World Bank previously estimated that the damage of what has been described as the biggest natural disaster in decades amounts to $19.6 billion (£14.4 billion).
If finalised, the deal would bring an end to a major dispute, which has lasted almost eight years, after Britain refused to recognise Nicolas Maduro as the legitimate president of Venezuela, claiming the 2018 elections were rigged.
In practice, the move blocked the Venezuelan government’s access to the gold.
open image in galleryThe bullion has since been the subject of a prolonged legal dispute in UK courts, and has not been released despite Maduro’s capture by the US in January.
The UK Foreign Office said the government is not a party in the legal case to determine who should have control of the reserve.
“The matter is being considered through independent legal processes and is not a decision that HMG can direct or influence,” a spokesperson said. “UK Courts and the Bank of England are independent of HMG.
“The UK maintains its longstanding position of support for a democratic transition of power in Venezuela which reflects the will of the Venezuelan people.”
open image in galleryReports of the deal come as Donald Trump is making plans for a first-ever meeting with Rodriguez, as early as next week, sources familiar with the discussions told Axios.
It is unclear if the deal will be discussed, if the meeting between the two leaders takes place.
“Iran is tough, but Venezuela is without a doubt the president’s top success and Delcy is a key to that,” a Trump adviser cited by Axios said. “Unless something goes really wrong, the president wants to make time.”
The Independent has contacted the Bank of England for a statement.
More about
VenezuelaBank Of EnglandNicolas MaduroDonald TrumpWorld BankUK Foreign Office
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Most popular
Popular videos
Bulletin
Read next
Fonte: – World RSS Feed
