It’s a fight for control over a stash of gold locked away in one of the world’s largest and most secure vaults, but this is no 18th century pirate novel or bank heist movie. It’s the situation facing the Venezuelan government as it attempts to navigate its way through political upheaval and the aftermath of last month’s devastating twin earthquakes. Caracas wants the Bank of England to return the 31 tons of gold bars it deposited there in 2008, saying it needs the money to pay for recovery efforts following the disaster that killed thousands of people and caused an economic hit equivalent to six percent of the country’s GDP, according to the United Nations Development Programme.
While it’s not unusual for the UK’s central bank to hold the gold reserves of other countries – with one of the world’s largest vaults it holds some 400,000 gold bars, including those of dozens of other nations – in this case, there’s a problem. Nicolas Maduro, Venezuela’s former president, touches a stack of 12 Kilogram gold ingots during a news conference on the country’s cryptocurrency in Caracas on March 22, 2018. The bank froze the gold after the UK – along with the US and numerous other countries – refused to recognize Maduro as the winner of Venezuela’s disputed 2018 presidential election.
It has been the subject of a long-running legal battle ever since, but with Maduro now in custody in New York following his capture by US forces in January, Caracas sees an opportunity to get its money back. Since Maduro’s capture, his former deputy Delcy Rodríguez has been made acting president and has set about restoring diplomatic relations with the US – opening up her country’s oil sector to US investment, releasing some political prisoners and aligning her government with Washington’s regional projects. Now she’s hoping for a similar thaw in the stand-off with the UK.
The Bank of England building in the City of London financial district on November 7, 2025. Toby Melville/Reuters “That gold belongs to our people and should be used to address the terrible, tragic consequences of this double earthquake,” Rodríguez said on stat…
Summary from source