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

Наталья Маркова Exclusive
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Venezuelan gold worth £1.4 billion remains blocked in the vaults of the Bank of England

Venezuelan gold, valued at around £1.4 billion, is currently blocked in the vaults of the Bank of England, reports The Guardian.

Approximately 31 tons of this gold are stored in underground facilities on Threadneedle Street in London, accounting for about 15% of the country's foreign reserves.

According to data from British court documents, the value of this gold was $1.95 billion in 2020, but given the significant increase in gold prices, the actual value of these assets has likely risen.

The gold has been stored in London vaults since the 1980s — a common practice among states, as the Bank of England holds around 400,000 gold bars on behalf of various governments and international organizations, second only to the Federal Reserve Bank of New York in terms of storage volume.

Since 2018, Caracas has been unable to repatriate its reserves: access to the gold has been blocked under pressure from the international community on Nicolás Maduro's regime following disputed elections, leading to a protracted political and legal conflict.

According to media reports, opposition leader María Corina Machado plans to return to Venezuela to promote free elections, calling Maduro's power grab a significant milestone for the U.S.

In an interview with Fox News, she noted that the opposition has already achieved a confident victory in the 2024 elections, despite fraud, and is confident of having the support of over 90% of voters if the voting is fair.

Meanwhile, President Donald Trump has indicated that Washington prefers to cooperate with interim president Delcy Rodríguez and representatives of the previous regime, considering immediate elections unrealistic until stability is achieved in the country.

This has caused dissatisfaction among both the opposition and the Venezuelan diaspora.

Machado sharply criticized Rodríguez, calling her one of the main architects of repression, corruption, and drug trafficking, as well as an ally of Russia, China, and Iran. Despite this, sources report that American intelligence agencies view Rodríguez and other officials from the old regime as the most acceptable option for ensuring order during the transitional period.
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