The proposed deal, reported by the Financial Times and cited by four sources familiar with the talks, would give the interim government led by Delcy Rodríguez legal control of the bullion, although it would not be permitted to sell the metal outright.
Instead, the gold could be pledged as collateral for borrowing, a measure the parties say could help finance reconstruction after the twin earthquakes that struck Venezuela in June.
The gold has been held in the Bank of England’s underground vaults for years. The UK central bank has refused to release the 31 metric tonnes, citing its non‑recognition of the legitimacy of former President Nicolás Maduro’s government, a stance that dates back to early 2019 when Britain joined dozens of nations in backing opposition leader Juan Guaidó.
Since then, the bullion has been the subject of a protracted legal battle in British courts. The British foreign office reiterated that the UK government is not a party to the legal case and that the courts and the Bank of England operate independently of political influence.
When Reuters asked the Bank of England for comment, the institution said it cannot act until a UK court issues a further order clarifying who holds legal authority over the account, emphasizing that the dispute must be resolved through the courts.
The Federal Reserve Bank of New York has not responded to requests for comment, and attempts to reach the Venezuelan government and opposition for comment were unsuccessful.
Earlier in the month, National Assembly chief Jorge Rodríguez announced efforts to recover the gold reserves as a tool to combat Venezuela’s soaring inflation, underscoring the strategic importance of the metal for the country’s economy.
The latest negotiations also follow a recent appeal by acting president Delcy Rodríguez to King Charles III for the release of the gold, a request that has so far not altered the legal impasse.