Venezuela’s Gold Held in the UK Could Soon Land in US Treasury Accounts: Report

Venezuela’s gold reserves held at the Bank of England could be routed through U.S. Treasury accounts as part of a reconstruction plan being negotiated with the country’s government, according to National Assembly deputy Ramón López.

López Says Funds Are Tied to Earthquake Recovery

López, a member of the 2015 National Assembly delegation involved in the talks, told Venevisión the arrangement is intended to fund reconstruction after June’s double earthquake, with the money directed toward housing, health centers, and schools in affected areas, El Nacional reported.

He said release of the funds depends on “all the necessary planning and control mechanisms” being in place, along with a “permanent spending audit plan” involving international firms to ensure “the gold is used properly and audited.”

The BOE declined to comment, while the U.S. Treasury Department and Venezuela’s Ministry of Foreign Affairs did not immediately respond to Benzinga’s request for comment.

Denies Any Link to Supreme Court Reform

López rejected the idea that the gold deal is tied to the reform of Venezuela’s Supreme Court of Justice.

“Giving the gold for the Supreme Court is not an exchange; it’s not true,” López said, adding that mechanisms have been designed to ensure funds aren’t diverted from their intended purpose.

Background On The Broader Talks

The proposed U.S. Treasury arrangement is part of wider talks in which Venezuela’s government and opposition have agreed to jointly seek the release of roughly $4 billion in gold, or 31 tons, that the U.K. has kept out of reach since 2018, when Britain stopped recognizing the Venezuelan government at the time, Euronews reported.

According to a joint statement cited by the media outlet, the two sides held five working sessions and five joint plenary sessions during the first round of talks, which also covered strengthening Venezuela’s judicial and electoral institutions.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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