Venezuelan Gold Worth £1.4 Billion Remains Blocked in the Bank of England's Vaults

According to The Guardian, approximately £1.4 billion worth of Venezuelan gold remains locked in the vaults of the Bank of England.

In London, on Threadneedle Street, about 31 tons of this gold is stored, which constitutes around 15% of Venezuela's foreign reserves.

According to British court documents, the value of this gold was estimated at $1.95 billion in 2020. However, considering the significant rise in gold prices, the current value is likely to exceed this figure considerably.

The gold has been stored in London since the 1980s — such a practice is common among many countries. The Bank of England holds around 400,000 gold bars at the request of governments and international organizations, second only to the Federal Reserve Bank of New York in volume.

Since 2018, Venezuela has been unable to repatriate its gold and foreign currency reserves. Access to these assets has been blocked under pressure from the international community on Nicolás Maduro's regime following disputed elections, leading to a prolonged political and legal conflict.

The leader of the Venezuelan opposition, María Corina Machado, has announced her intention to return to her homeland and actively advocate for free elections, describing Maduro's power grab as a turning point. In an interview with Fox News, she noted that the opposition achieved significant success in the 2024 elections, despite fraud, and is confident that with fair elections, it would receive support from over 90% of voters.

However, President Donald Trump has indicated that Washington is focused on cooperating with interim President Delcy Rodríguez and some representatives of the former regime, believing that immediate elections are unfeasible until the situation in the country stabilizes. This has caused dissatisfaction among the opposition and the Venezuelan diaspora.

Machado sharply criticized Rodríguez, calling her one of the main architects of repression and corruption, as well as an ally of Russia, China, and Iran. Despite this, sources report that American intelligence agencies view Rodríguez and other representatives of the old regime as the most suitable option for ensuring stability during the transition period.