LONDON — Venezuela and its opposition are discussing an agreement that could pave the way for the transfer of nearly 31 tonnes of Venezuelan gold held in the Bank of England’s vaults to the United States, according to people familiar with the talks.
The gold, valued at roughly Tk 491.15 billion, has been at the centre of a long-running dispute between Venezuela’s government and opposition. Four people involved in the discussions told the Financial Times on Thursday that an agreement on the transfer had not yet been finalised and that technical issues still needed to be resolved.
Under the proposal, the gold would be moved from the Bank of England in London to the Federal Reserve Bank of New York. The arrangement would also establish conditions governing how the reserves could be used.
The dispute over control of Venezuela’s gold dates back to 2019, when the United States, Britain and several other governments recognised opposition leader Juan Guaidó as Venezuela’s legitimate president. The issue subsequently became the subject of a lengthy legal battle in Britain, eventually reaching the UK Supreme Court.
If an agreement is reached, the transfer could help resolve the years-long dispute over control of the reserves and mark one of the first concrete outcomes of talks between Venezuela’s government and opposition backed by Washington.
The opposition has called for strict safeguards to prevent the gold from being misused, citing what it describes as corruption and economic mismanagement under Venezuela’s socialist government.
People familiar with the proposed arrangement said the gold would not be placed under the direct control of interim President Delcy Rodríguez. Its use would be subject to restrictions and regular oversight, meaning the government would not be able to freely sell or otherwise dispose of the reserves.
Venezuela’s international relations have shifted significantly since the detention of President Nicolás Maduro during a US operation in January. Rodríguez subsequently assumed the role of interim president with US backing, while Washington eased some economic sanctions on Venezuela.
Caracas has also moved to improve diplomatic relations with Britain, with the two sides agreeing this week to work towards closer ties.
The proposed gold transfer comes as Venezuela seeks to re-establish broader international engagement and deepen its economic and diplomatic ties with Western governments.
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