London's underground vaults hold a multibillion-dollar question: who controls Venezuela's gold reserves? The answer lies with Britain's Bank of England, which has £1.4 billion worth of the country's gold bars frozen since the 1980s.
Venezuela is believed to have around 31 tonnes of gold stored in London, equivalent to about 15% of its total foreign currency reserves. This hoard has been at the centre of a long-standing dispute between Caracas and Britain, with the South American nation seeking to repatriate the valuable metals since 2018.
The dispute began when US-imposed sanctions on Venezuela's government led to a freeze on the country's assets in the UK. Maduro was ousted as president after a disputed election in 2018, but global attention focused on Venezuela's vast oil reserves rather than its gold holdings.
However, Caracas also has significant gold reserves worth at least $1.95 billion (£1.4 billion), which have been blocked from being repatriated amid pressure on Maduro. The UK government and the Bank of England were reportedly forced to block the transfer due to US pressure during Trump's presidency.
The case has become increasingly contentious, with Venezuela accusing Britain of "blatant piracy" after its former vice-president Delcy Rodríguez claimed the gold was needed for the country's pandemic response. Meanwhile, Juan Guaidó, who took over as interim president, argued that he had control over the gold reserves.
Despite multiple twists and turns in the dispute, including a scandal involving Rodríguez in Spain, the case remains unresolved. The UK government continues to maintain its stance that it will not officially recognise Maduro's administration due to concerns about maintaining pressure for a transition to democracy.
The immobilisation of sovereign reserves is becoming increasingly contentious amid fractious geopolitical conditions. Analysts attribute gold's recent rally to growing international mistrust of the US under Trump and a breakdown in global order rules.
Similar disputes have occurred in the past, including the 1918 Soviet confiscation of gold and the freezing of assets belonging to Russia, North Korea, Egypt, Vietnam, Cambodia, and Iran during various conflicts.
Venezuela is believed to have around 31 tonnes of gold stored in London, equivalent to about 15% of its total foreign currency reserves. This hoard has been at the centre of a long-standing dispute between Caracas and Britain, with the South American nation seeking to repatriate the valuable metals since 2018.
The dispute began when US-imposed sanctions on Venezuela's government led to a freeze on the country's assets in the UK. Maduro was ousted as president after a disputed election in 2018, but global attention focused on Venezuela's vast oil reserves rather than its gold holdings.
However, Caracas also has significant gold reserves worth at least $1.95 billion (£1.4 billion), which have been blocked from being repatriated amid pressure on Maduro. The UK government and the Bank of England were reportedly forced to block the transfer due to US pressure during Trump's presidency.
The case has become increasingly contentious, with Venezuela accusing Britain of "blatant piracy" after its former vice-president Delcy Rodríguez claimed the gold was needed for the country's pandemic response. Meanwhile, Juan Guaidó, who took over as interim president, argued that he had control over the gold reserves.
Despite multiple twists and turns in the dispute, including a scandal involving Rodríguez in Spain, the case remains unresolved. The UK government continues to maintain its stance that it will not officially recognise Maduro's administration due to concerns about maintaining pressure for a transition to democracy.
The immobilisation of sovereign reserves is becoming increasingly contentious amid fractious geopolitical conditions. Analysts attribute gold's recent rally to growing international mistrust of the US under Trump and a breakdown in global order rules.
Similar disputes have occurred in the past, including the 1918 Soviet confiscation of gold and the freezing of assets belonging to Russia, North Korea, Egypt, Vietnam, Cambodia, and Iran during various conflicts.
it's not like they're trying to control venezuela or anything. but seriously, this whole thing is super messy. i think britain should just let venezuela have their gold back, but at the same time, london needs that cash lol 
. maybe trump's sanctions thingy had something to do with it? doesn't seem fair though, if anyone. also, what's the big deal about maduro not being recognized by the uk? isn't that just politics? 
anyway, i think the us should focus on its own stuff instead of trying to control venezuela's gold... or is that too much to ask for? 
britain's just holdin it til the whole venezuela situation gets sorted out, which probs never will 
we're all just playin' this game of geopolitics where everyone's just tryna get what they want without really thinkin bout the bigger pic. and honestly, who is juan guaidó even? sounds like another power-hungry dude tryin to take control 
. The fact that the US has been exerting pressure on the UK to keep this gold locked up makes me wonder if there's more to it than just some innocent dispute 
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I mean, come on... 31 tonnes of gold just chillin' in London without Venezuela knowing? That's wild! 
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. Anyway, this whole thing with Maduro and Guaidó is getting more complicated than a Game of Thrones episode 
. Who do you think should get the gold? Venezuela or Britain? 
Meanwhile, we're getting a whole lot of drama with gold reserves and pandemic responses... can someone please clarify what's really going on here? 
the more i think about it the more i'm like why not just let venezuela have its gold back? they need it for pandemic response and all that jazz 
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. Like, what's up with that? 
. On one hand, I get why the UK is being cautious about recognizing Maduro's government, but on the other hand, it seems pretty unfair that Venezuela can't even access its own gold reserves 
The US just seems to be using its diplomatic muscle to get what it wants without really caring about the details. That's kinda shady if you ask me... 
how frustrating it must be for venezuela right now!! they literally have billions of dollars worth of gold locked up in london and no idea when they'll get it back 
i wish delcy rodriguez could get some credit for trying to use the gold to help her country during a pandemic 
but it's all so complicated and messy 
