this post was submitted on 06 Jan 2026
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Deep under London’s streets, thousands of miles from Caracas, Nicolás Maduro’s seizure by the US has reopened a multibillion-dollar question: who controls Venezuela’s gold reserves at the Bank of England?

After the ousting of Maduro, global attention has largely focused on the South American country’s vast oil wealth – believed to be the largest reserves of any nation in the world. However, Venezuela also has significant gold holdings – including bullion worth at least $1.95bn (£1.4bn) frozen in Britain.

For years the gold bars have been the subject of a tussle in the London courts, entangling the Bank and the UK government in Venezuelan politics and a geopolitical battle that is now taking a fresh twist.

Venezuela has about 31 tonnes of gold held in the vaults of Threadneedle Street, equivalent to about 15% of its total foreign currency reserves. UK court documents put the value in 2020 at about $1.95bn. However, the gold price has more than doubled since, meaning the bars are probably worth considerably more.

Since 2018, however, Caracas has been blocked from repatriating the gold amid pressure on Maduro, after the disputed outcome of Venezuela’s presidential elections that year – including Donald Trump imposing US sanctions during his first term in the White House.

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[–] bufalo1973@piefed.social 7 points 3 weeks ago

And they have the nerve to call robbers to the ones that rob a bank.