According to information published in The Guardian, approximately £1.4 billion worth of Venezuelan gold remains inaccessible and is stored in the vaults of the Bank of England.
In London, on Threadneedle Street, there are about 31 tons of gold, which constitutes approximately 15% of Venezuela's foreign currency reserves.
According to British court documents, in 2020 the value of these reserves was estimated at $1.95 billion, but considering the rise in gold prices, which have more than doubled, the current value of the assets is likely significantly higher.
The gold has been stored in London since the 1980s — such practice is common among states: the Bank of England manages about 400,000 gold bars on behalf of various governments and international organizations, second only in volume to the Federal Reserve Bank of New York.
Since 2018, Venezuela has been unable to bring its reserves home: international pressure on Nicolás Maduro's regime following disputed elections has led to a blockade of access to the gold, resulting in prolonged political and legal disputes.
According to the press, María Corina Machado, an opposition leader, plans to return to Venezuela and advocate for free elections, viewing Nicolás Maduro's power grab as a key moment in the country's history.
In an interview with Fox News, she emphasized that the opposition has already achieved a significant victory in the 2024 elections, despite the fraud, and is confident of having the support of over 90% of voters in a fair vote.
However, President Donald Trump pointed out that Washington continues to work with interim president Delcy Rodríguez and some representatives of the old regime, considering immediate elections unrealistic until the situation in the country stabilizes.
This state of affairs has caused dissatisfaction among the opposition and the Venezuelan diaspora.
Machado harshly criticized Rodríguez, calling her one of the main culprits of repression, corruption, and drug trafficking, as well as an ally of Russia, China, and Iran. However, according to sources, American intelligence agencies view Rodríguez and other representatives of the old regime as the most acceptable option for ensuring order during the transitional period.
