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As per four sources, the terms being negotiated would give the interim president Delcy Rodríguez's government legal authority over the gold, although it would not be allowed to sell the assets right away.
The FT reports that in 2019, after the US, the UK, and multiple other countries acknowledged then-opposition leader Juan Guaidó as the interim president of Venezuela, the opposition declared it was taking control of the gold from Venezuela's Central Bank stored at the Bank of England. Legal disputes then continued for seven years.
The gold could now act as collateral for loans, possibly financing the rebuilding of Venezuelan regions affected by an earthquake in June. "The gold will be sent to the US, but Delcy Rodríguez will not be able to access it. It will be monitored, and its application will be limited," stated an opposition representative participating in the discussions.
In August, the authorities and government revealed initiatives to enable access to the gold. As reported by the FT, a delegation from the Venezuelan opposition traveled to Caracas this week for discussions with officials, such as the speaker of the parliament, Jorge Rodríguez.
The FT notes that the discussions about the gold are occurring while Venezuela and Britain seek to enhance their relationship; London is in the process of appointing a new ambassador to Caracas.
source: ft.com
The FT reports that in 2019, after the US, the UK, and multiple other countries acknowledged then-opposition leader Juan Guaidó as the interim president of Venezuela, the opposition declared it was taking control of the gold from Venezuela's Central Bank stored at the Bank of England. Legal disputes then continued for seven years.
The gold could now act as collateral for loans, possibly financing the rebuilding of Venezuelan regions affected by an earthquake in June. "The gold will be sent to the US, but Delcy Rodríguez will not be able to access it. It will be monitored, and its application will be limited," stated an opposition representative participating in the discussions.
In August, the authorities and government revealed initiatives to enable access to the gold. As reported by the FT, a delegation from the Venezuelan opposition traveled to Caracas this week for discussions with officials, such as the speaker of the parliament, Jorge Rodríguez.
The FT notes that the discussions about the gold are occurring while Venezuela and Britain seek to enhance their relationship; London is in the process of appointing a new ambassador to Caracas.
source: ft.com