Venezuelan gold held at the Bank of England will remain frozen despite the arrest of Nicolás Maduro and the appointment of interim leader Delcy Rodríguez, Britain signaled this week. Foreign Secretary Yvette Cooper told Parliament on Jan. 5 that because the U.K. does not recognize the current Venezuelan administration, the bullion will likely stay under London’s control.
Cooper said the decision aligns with Britain’s broader goals of supporting democratic transition in Venezuela. “It is important that we have the pressure in place to have a transition to a democracy which is also about the will of the Venezuelan people,” she said. “Our principles are about maintaining and pursuing stability and a transition to democracy.”
The gold—part of Venezuela’s central bank reserves—has been frozen since 2020 amid legal disputes over who legally controls it. Rhona O’Connell of StoneX explained that “so the gold stays where it is,” underscoring that Maduro had been pressing for its release.
Legal battles over the reserves trace back years. The U.K. Supreme Court previously ruled in favor of recognizing opposition leader Juan Guaidó instead of Maduro for purposes of controlling Venezuelan assets abroad. In 2020, official documentation valued the gold at about $1.95 billion; with rising prices it could now exceed $3 billion.
Swiss authorities have also frozen assets linked to Maduro and associates following his U.S. arrest, though they have not disclosed the total value.
Critics argue the freeze prolongs economic hardship in Venezuela and undermines Venezuelan sovereignty. Supporters of the freeze point to legal precedent and the need to avoid rewarding a regime widely condemned for corruption and human rights abuses.
