Venezuela Close to Moving $4 Billion Gold Reserve from London to New York

TLDR

• Venezuela’s government and opposition are close to a deal to move $4 billion in gold from the Bank of England to the Federal Reserve Bank of New York
• Interim President Delcy Rodriguez would gain legal control of the gold but could not sell it immediately
• The gold could be used as collateral for borrowing, including funding reconstruction after June’s earthquakes
• The Bank of England has held around 31 metric tons of Venezuelan gold since 2019 over disputes about the legitimacy of Nicolas Maduro’s government
• The Federal Reserve Bank of New York and the Bank of England have not commented on the report

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Venezuela and its opposition are close to an agreement that would move about $4 billion worth of gold reserves from London to New York, the Financial Times reported on 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 deal would transfer the gold from the Bank of England to the Federal Reserve Bank of New York. Reuters said it could not immediately verify the report, which cited four people familiar with the discussions.

Under the proposed arrangement, interim President Delcy Rodriguez would gain legal ownership of the gold. However, she would not be allowed to sell it right away.

Instead, the gold could be used as collateral to secure government loans. One planned use is funding reconstruction efforts after Venezuela was hit by twin earthquakes in June.

An opposition figure familiar with the talks told the Financial Times: “The gold is going to the US but Delcy won’t have direct access to it. It will be supervised and restricted.”

A Dispute That Started in 2019

The Bank of England has been holding around 31 metric tons of Venezuelan gold since early 2019. At the time, the British government stopped recognizing Nicolas Maduro as the country’s legitimate president.

The UK joined dozens of other nations in backing opposition leader Juan Guaido, after claiming Maduro’s 2018 election win was rigged. That decision led the Bank of England to freeze Venezuela’s gold.

The bullion has been tied up in British courts ever since. The legal dispute has dragged on for years without a resolution.

Why Venezuela Wants the Gold Now

Last month, Venezuela’s National Assembly chief Jorge Rodriguez said the country was working to recover the gold held in London. He said it was needed to help fight rising inflation.

The gold never moved even after Maduro was captured by the US in January. Acting President Delcy Rodriguez also made a direct request to King Charles, but the gold remained frozen.

A British foreign office spokesperson said the UK was “not a party in the legal case” deciding who controls the gold. The spokesperson added that UK courts and the Bank of England operate independently of the government.

The spokesperson also said the UK supports “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 responded to comment requests outside regular business hours. The Venezuelan government and opposition also could not be reached.

If the deal goes through, it would end one of the longest-running gold custody disputes in recent years.