Venezuela Nears $4B Gold Transfer to New York, Funding Reconstruction

Venezuela’s government and political opposition are nearing a deal to transfer $4 billion in gold reserves.

The agreement moves 31 tonnes of bullion from the Bank of England to the Federal Reserve Bank of New York. This transfer would resolve a seven-year legal standoff that began in 2019.

Delcy Rodríguez’s interim government would gain legal control of the assets under the proposed terms. However, the agreement prohibits the immediate sale of the gold.

Instead, the reserves will serve as collateral for loans to fund earthquake reconstruction efforts. U.S.-backed negotiators brokered the deal, which now awaits a U.K. court order to proceed.