UK keeps billions in Venezuelan gold frozen after Nicolás Maduro arrest

The UK has indicated that greater than $1 billion value of Venezuelan gold may stay within the Financial institution of England’s vaults, regardless of the arrest of Nicolás Maduro and the appointment of interim chief Delcy Rodríguez. reports.

In his speech to Parliament on January 5, Overseas Secretary Yvette Cooper urged that as a result of Britain doesn’t acknowledge the present authorities, the valuable metallic is unlikely to be launched.

“It is vital that we press for a transition to a democracy that can be concerning the will of the Venezuelan folks,” Cooper stated.

“It’s clear that the Financial institution of England should make unbiased selections, however our rules are about sustaining and pursuing stability and a transition to democracy, and that’s what guides our method,” she stated in her report. statement.

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U.S. Secretary of State Marco Rubio leans in to hearken to British Secretary of State Yvette Cooper throughout a ministerial assembly of the United Nations Safety Council in New York, U.S., September 23, 2025. (Charly Tribelleau/Pool through REUTERS)

The gold, which is a part of Venezuela’s central financial institution reserves, has been frozen since 2020 because of competing claims over who has the authorized authority to entry it.

“So gold is staying the place it’s,” stated Rhona O’Connell, head of market evaluation for EMEA and Asia SteenXinformed Fox Information Digital.

“This has penalties for the gold that’s frozen on the Financial institution of England and that Maduro is attempting to free.”

O’Connell claimed that Venezuela bought giant quantities of gold between 2012 and 2016 because the nation’s financial disaster deepened.

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Nicolas Maduro is seen in handcuffs after touchdown on a helipad in Manhattan, escorted by closely armed federal brokers as they board an armored automobile en path to a federal courthouse in Manhattan on January 5, 2026 in New York Metropolis (XNY/Star Max/GC Photos through Getty Photos)

“The final main tranche seems to have been 85 tonnes within the first half of 2016, with additional small gross sales thereafter,” she stated, including that Venezuela final formally reported reserves to the Worldwide Financial Fund in mid-2018.

“World Gold Council figures point out web gross sales of 179 tonnes since 2022,” O’Connell stated.

Maduro launched authorized motion towards the Financial institution of England in 2020, resulting in rival claims over who may symbolize the Banco Central de Venezuela, which owns the gold however has been beneath US sanctions since April 2019.

The British Supreme Courtroom initially sided with the Financial institution of England, however the choice was later overturned by the Courtroom of Attraction. British Supreme Court finally decisive in favor of recognizing Juan Guaidó as president.

The Supreme Courtroom documents will probably be value roughly $1.95 billion in 2020. Contemplating the worth of gold has risen since then, it may in all probability be value greater than $3 billion now.

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Venezuelan gold value $4.8 billion will stay frozen on the Financial institution of England regardless of the arrest of Nicolás Maduro, Overseas Secretary Yvette Cooper informed parliament.

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But the gold has been frozen beneath London’s jurisdiction, in accordance with the British authorities’s recognition coverage, per reports.

“This follows the One Voice doctrine, a British ruling which implies that when a British authorities refuses to acknowledge one other head of state, the courts should do the identical,” O’Connell stated.

Swiss authorities, in the meantime, have additionally frozen property linked to Maduro and dozens of associates following his arrest by US forces, though they haven’t disclosed the entire worth of these property, in accordance with Reuters.

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Between these years, Venezuela exported about 113 tons of gold value about $5.2 billion to Switzerland, in accordance with Swiss customs information. Reuters reported.

Fox Information Digital has contacted the Financial institution of England and the British Overseas Workplace for remark.