Venezuela's government and a faction of the political opposition are weighing an agreement to move about $4 billion in gold reserves currently held in the United Kingdom to the United States, according to people familiar with the discussions. The talks, which have not been finalised, could see one of the largest sovereign gold transfers in recent years and would mark a significant shift in where the country's most liquid overseas assets are held.
The gold is part of Venezuela's international reserves that have been frozen in London since 2019, when the UK recognised opposition leader Juan Guaidó as interim president and the Bank of England blocked the Maduro government's access to the bullion. The reserves, estimated at around 31 tonnes, have been at the centre of a long-running legal and political dispute. A deal to move them to New York would require approval from both the US Treasury and the UK authorities, and would likely be structured to ensure the funds are used for humanitarian purposes or to repay creditors.
People briefed on the matter said the proposal has gained momentum in recent weeks as negotiations between representatives of President Nicolás Maduro and a moderate opposition faction have intensified. The talks are separate from the broader political negotiations mediated by Norway, though they share some of the same participants. The opposition faction involved is understood to be seeking guarantees that any transferred gold would not be used to fund repression or to enrich members of the government.
Washington has signalled it would be open to the arrangement if it can be structured in a way that benefits the Venezuelan people and does not violate existing sanctions. The US Treasury's Office of Foreign Assets Control has been consulted on the potential mechanics of the transfer, according to two people with knowledge of the discussions. The Bank of England, which holds the gold on behalf of the Venezuelan central bank, has not commented publicly on the talks.
The move would represent a rare instance of cooperation between the Maduro government and parts of the opposition, which have been locked in a bitter standoff for years. It also underscores the growing pressure on the Venezuelan government to find new sources of liquidity as its economy continues to struggle under sanctions and mismanagement. The country's oil exports have fallen sharply, and its foreign reserves are at their lowest level in decades.
Legal experts cautioned that any transfer would face significant hurdles, including competing claims from creditors and the need for clear legal authority. A previous attempt to release the gold for humanitarian aid failed after a UK court ruled in favour of the opposition. The new proposal is said to be more carefully crafted, with provisions for independent monitoring and disbursement through international organisations.
If completed, the deal could set a precedent for how frozen sovereign assets are handled in other disputes. It would also give the US greater influence over Venezuela's financial resources at a time when Washington is seeking to shape the outcome of the country's protracted political crisis. For now, the talks remain at a delicate stage, and officials on all sides have declined to confirm details.