Perhaps the great treasure of Venezuela not oil. In fact, since the United States attacked Caracasa series of theories have begun to be heard loudly that have a common denominator: the greatest Venezuelan loot is thousands of kilometers from the nation, under the soil of the capital of the United Kingdom.
The gold trapped in London. Yes, under the streets of the cityin the vaults of the Bank of England, remain immobilized about 31 tons of gold belonging to Venezuela, an asset that in 2020 was valued around 1.4 billion pounds and that today it is worth much more after the strong rebound of the metal price.
The capture of Nicolás Maduro for the United States has returned This issue is brought to the international forefront, reopening a question that has been without a clear answer for years: who really has the right to control these reserves. Although global attention often focuses on Venezuelan oil, gold represents about 15% of the country’s foreign reserves and has become a key piece of a political, legal and geopolitical pulse that far transcends Caracas.
Recognition and blocking. The origin of the blockage dates back to 2018after a disputed presidential election and the tightening of sanctions promoted by Trump during his first term. The United Kingdom, along with dozens of countries, stopped recognizing Maduro as legitimate president and, under pressure from the Venezuelan opposition, refused to authorize the repatriation of the gold, alleging the risk that it would be used to prop up an authoritarian regime or directly diverted.
Added to this, as later revealed former national security advisor John Bolton, an express request from Washington for London to maintain the blockade, which placed the British central bank and the Government at the center of a battle that mixed international law, sanctions and diplomacy.
Bank of England
A judicial labyrinth. In 2020, Caracas went to court British to claim the gold, arguing that they needed those funds to deal with the pandemic. However, the process became complicated when Juan Guaidó, then recognized by London As interim president, he also claimed ownership of the reserves.
The litigation led to a legal tangle about who the Bank of England should obey, a question that remains unresolved even after Guaidó lost international recognition. The result is a legal limbo in which the gold remains immobilized, without any of the parties being able to dispose of it.
Piracy accusations. From the Chavista environment, the retention of gold was denounced as an act of “piracy”an accusation made at the time by Delcy Rodríguez, which was later marred by the scandal known as Delcygate following his alleged secret trip to Madrid in 2020 despite an EU entry ban and the alleged sale of Venezuelan bullion.
Although Rodríguez has adopted a more conciliatory tone After the fall of Maduro, offering cooperation to the United States, the British position remains firm: Foreign Minister Yvette Cooper has reiterated that London maintains political pressure because it considers it key to force a democratic transition, even underlining the formal independence of the Bank of England in the management of assets.
The dangerous precedent. The Venezuelan case is not an exception, but rather part of a trend increasingly controversial: the immobilization of sovereign reserves in a context of growing geopolitical confrontation.
We have told it: after the Russian invasion of Ukraine in 2022, Western countries froze about 300,000 million of dollars from the Russian central bank, largely deposited in Eurocleara measure that has generated tensions with Moscow and has revived the debate about the security of keeping assets abroad. Historically, these sanctions have been rare but not unprecedented, from the Soviet confiscation of Romanian gold in 1918 to blockades of countries like Iran or North Korea in the second half of the 20th century.
Global distrust. Thus, the climate of uncertainty is leading many countries to rethink where do you keep your reservesdriving repatriation movements and fueling the recent gold rally as an active refuge. For analysts and central banks, the Venezuelan episode is a clear warning of how politics can interfere with assets that were traditionally considered untouchable.
While the Bank of England remains officially silent (and many ingots), Venezuelan gold remains buried under London, converted into a symbol of an increasingly international financial order. more fragile and politicized.
Image | Bank of England, Eluveitie
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