UK keeps billions in Venezuelan gold reserves frozen at Bank of England after Maduro arrest
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The UK is likely to keep over a billion dollars worth of Venezuelan gold reserves frozen at the Bank of England, despite recent political developments including the arrest of Nicolás Maduro. Foreign Secretary Yvette Cooper indicated the decision stems from the UK's lack of recognition of the current Venezuelan administration and its commitment to supporting a transition to democracy. The gold, part of Venezuela's central bank reserves, has been frozen since 2020 due to competing claims over access. Maduro initiated legal action in 2020 to release the gold, leading to a UK Supreme Court ruling that initially recognized Juan Guaidó as president. Experts estimate the gold's current value could exceed $3 billion, given the increase in gold prices since 2020.
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AI-ExtractedThe UK Supreme Court ultimately ruling in favor of recognizing Juan Guaidó as president.
The gold, which is part of Venezuela’s central bank reserves, has been frozen since 2020.
Swiss authorities, meanwhile, have also frozen assets linked to Maduro and dozens of associates.
The U.K. has signaled over a billion dollars worth of Venezuelan gold could stay held in vaults at the Bank of England.
Venezuela had sold large quantities of gold between 2012 and 2016 as the country’s economic crisis deepened.
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