Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeFinancial TimesVenezuela wants its gold back from Bank of England vaultsBoth the government and opposition are pushing for the return of the reserves, which have been the subject of a lengthy court battleAuthor of the article:Last updated 55 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Venezuela said it wants back its stash of 31 tonnes of gold, currently held by the Bank of England, to help with reconstruction following a devastating earthquake. Photo by Maxwell BRICENO /FP via Getty ImagesAfter nearly two weeks of U.S.-backed negotiations, Venezuela’s government and opposition have managed to agree on one significant demand this week: they want US$4 billion in gold reserves back from the Bank of England.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorSince 2018, the United Kingdom has declined to recognize Venezuela’s revolutionary socialist government, in effect blocking its access to some 31 tonnes stored in the Bank of England vaults. The funds have been the subject of a lengthy court battle.In a joint statement on Wednesday night, the two sides said the funds would be used for reconstruction following earthquakes in June, which killed more than 6,000 people.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“Both sides will focus efforts on working to recover Venezuela’s international reserve assets held at the Bank of England,” the statement said.The country’s economy, already in chaos from decades of mismanagement, corruption and U.S. sanctions, is still reeling from the earthquakes.On Wednesday, the country’s central bank said the disaster had contributed to monthly inflation rising to 19.9 per cent in July, from 13.8 per cent in June. Economists estimate annual inflation at around 575 per cent.Interim President Delcy Rodríguez said last month that she had written to King Charles to request that the gold be released from the vaults under Threadneedle Street. An opposition figure involved in the talks told the FT that “transparency mechanisms” would be placed on the efforts to recover the gold “so that it doesn’t get stolen by the government.”“There’s no naivety on our part,” the figure said. “We know that Delcy Rodríguez’s interim government are not democratic reformers.”The Bank of England declined to comment. It has been awaiting legal clarity on who has control over the Venezuelan bullion before releasing the gold. The U.K. government did not immediately respond to a request for comment.The United States has suspended some sanctions on Venezuela and is working closely with Rodríguez — who was Maduro’s vice-president — to open up the country’s vast natural resources to foreign investment.In the joint statement, the two sides also agreed to begin discussing reforms to Venezuela’s justice system.The talks, which do not include the opposition’s most popular leader María Corina Machado, have divided both the opposition and hardline supporters of the government. Machado, who won last year’s Nobel Peace Prize, has been based in Washington since late last year, and was blocked from returning to Venezuela following the earthquakes.Following Maduro’s capture, Venezuela is slowly regaining access to international funds, starting with about US$350 million that was tapped in July from a tranche held at the International Monetary Fund, after the country restored relations with the fund this year.The country is estimated to have a sovereign debt pile of about US$240 billion, making ongoing restructuring efforts the largest in history, the FT reported in June.Rodriguez’s government is also seeking access to about US$4.6 billion of “special drawing rights” — IMF reserve assets that the fund’s members can exchange into other currencies. In previous, abortive talks with the government years ago, Venezuela’s opposition also agreed that the country should be able to tap those funds.© 2026 The Financial Times Ltd Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.