Key Points
- A potential agreement could transfer $4 billion worth of Venezuelan gold from the Bank of England to the Federal Reserve Bank of New York
- Acting President Delcy Rodriguez would obtain legal ownership but face immediate sale restrictions
- The reserves could serve as loan collateral, potentially financing post-earthquake reconstruction efforts
- Approximately 31 metric tons of Venezuelan gold have remained in London custody since 2019 amid governmental legitimacy disputes
- Both the Federal Reserve Bank of New York and Bank of England have declined to provide statements
Venezuelan authorities and opposition representatives are nearing a significant agreement to relocate approximately $4 billion in gold reserves from London to New York, according to a Financial Times report published Friday.
Venezuela’s government and opposition are close to a deal to move about $4 billion in central bank gold from the Bank of England to the Federal Reserve Bank of New York.
Delcy Rodríguez’s interim government would gain legal control of the gold but could not immediately sell it.… pic.twitter.com/X2y55XCklA
— Clash Report (@clashreport) September 18, 2026
The proposed transfer would move the precious metal from Bank of England vaults to the Federal Reserve Bank of New York. Reuters noted it was unable to independently confirm the report, which referenced four individuals with knowledge of the negotiations.
According to the proposed terms, interim President Delcy Rodriguez would receive legal title to the gold reserves. Despite this ownership, immediate liquidation would be prohibited.
The bullion could instead function as collateral for securing governmental financing. Among the anticipated applications is funding rebuilding initiatives following the devastating twin earthquakes that struck Venezuela this past June.
Speaking to the Financial Times, an opposition source with knowledge of the negotiations stated: “The gold is going to the US but Delcy won’t have direct access to it. It will be supervised and restricted.”
Origins of the Custody Battle
The Bank of England has maintained custody of roughly 31 metric tons of Venezuelan gold since early 2019. This situation arose after the British government ceased recognizing Nicolas Maduro as Venezuela’s lawful president.
Britain aligned with numerous other countries in supporting opposition figure Juan Guaido, following allegations that Maduro’s 2018 electoral victory involved fraud. This political stance prompted the Bank of England to immobilize Venezuela’s gold holdings.
The bullion has remained entangled in British legal proceedings ever since. The court battle has continued for years without reaching a conclusion.
Venezuela’s Current Push for the Gold
In recent weeks, Jorge Rodriguez, head of Venezuela’s National Assembly, announced efforts to reclaim the London-held gold. He emphasized its necessity for combating escalating inflation pressures.
The gold remained immobilized even following Maduro’s capture by United States authorities in January. Acting President Delcy Rodriguez personally appealed to King Charles, yet the reserves stayed frozen.
A British foreign office representative clarified that the UK is “not a party in the legal case” determining gold ownership. The representative emphasized that UK judicial systems and the Bank of England function independently from governmental influence.
The representative further stated that Britain endorses “a democratic transition of power in Venezuela which reflects the will of the Venezuelan people.”
Neither the Federal Reserve Bank of New York nor the Bank of England provided responses to inquiries made outside standard business hours. Venezuelan government officials and opposition representatives were likewise unavailable for comment.
Should the agreement materialize, it would conclude one of the most protracted gold custody controversies in contemporary history.
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