Venezuela is attempting to navigate its way through political upheaval and the aftermath of last month’s devastating twin earthquakes. The Venezuelan government is seeking to access 31 tons of gold bars, worth up to an estimated $4 billion, that it deposited at the Bank of England in 2008.

Gold Dispute

The fate of Venezuela’s gold bars has been in limbo for years amid a dispute involving the British government and Venezuela’s former President Nicolas Maduro. The Bank of England froze the gold after the UK refused to recognize Maduro as the winner of Venezuela’s disputed 2018 presidential election.

With Maduro now in custody in New York, Caracas sees an opportunity to get its money back. Venezuela’s acting president, Delcy Rodríguez, has written to King Charles III, asking for the gold to be released for use in reconstruction efforts.

Rodríguez has also been working to restore 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.

UK Response

It is unclear whether the UK government will listen to Venezuela’s request. The UK’s former Foreign Secretary, Yvette Cooper, said the Bank of England must make decisions independently, but the UK’s principles focus on maintaining and promoting stability and the transition to democracy.

Cooper has since been replaced as foreign minister, and it is too early to know what position her successor, Ed Miliband, will take on the issue.

Original reporting: KRDO (Colorado Springs metro) — read the source article.