Venezuelan Vice President Appeals to King Charles III for Gold Release
Delcy Rodríguez, the “acting president” of Venezuela, announced on Wednesday that she has written to King Charles III requesting the release of Britain’s gold reserves that are currently frozen. She suggested that these funds would aid in Venezuela’s recovery following two significant earthquakes in June.
Rodríguez emphasized that the ruling socialists have been trying to access these funds for around eight years. Banks had frozen the assets, stalling efforts by President Nicolás Maduro to manage them properly. The situation has been particularly challenging since the country suffered devastating quakes not long ago.
Venezuela has stored dozens of tonnes of gold at the Bank of England for over 40 years; however, most of these reserves, around 160 tons, were removed in the early 2010s on orders from the late dictator Hugo Chávez. The Venezuelan government has not disclosed the current status of the removed reserves.
Venezuelan Foreign Minister Ivan Gil mentioned that the Bank of England still holds approximately 32 tonnes of gold, valued at about $4.2 billion. Attempts by Maduro to repatriate these reserves have been largely unsuccessful, particularly as they were frozen amidst political chaos. A legal conflict arose after Maduro’s questionable grip on power undermined his legitimacy.
Rodríguez communicated through her government’s official channels that she urged King Charles to free the gold reserves, also calling for an end to the sanctions imposed by the U.S. and other nations as a result of ongoing human rights violations in Venezuela. “That money belongs to our people,” she stated, stressing the need to address the severe impacts of the earthquakes.
As of the latest reports, Buckingham Palace had not yet responded to Rodríguez’s appeal.
Venezuela experienced two major earthquakes in June, measuring 7.2 and 7.5, both of which have been deemed some of the worst natural disasters in modern Venezuelan history. Most of the destruction unfolded in the northern state of La Guaira, close to Caracas. The Venezuelan government has reported at least 3,811 fatalities and thousands more injured as a result.
On top of that, the government indicated that 17,907 individuals are now homeless, and estimates of damaged buildings range dramatically, notably suggested to be as high as 60,000 according to NASA’s satellite data. The United Nations has declared that around 50,000 people remain missing.
In the political sphere, Maduro’s ambitions to control the remaining gold reserves have faced obstacles since a corrupt election in 2018, which many countries don’t recognize. This situation led to the Venezuelan National Assembly, dominated by the opposition, to name Juan Guaidó as the interim president. This power clash led to prolonged legal disputes over the gold reserves at the Bank of England.
The UK Supreme Court eventually ruled in favor of Guaidó’s authority, denying Maduro access to the frozen assets, substantiating that Guaidó is the legitimate head of state, a decision that has infuriated Maduro over the years.
Rodríguez also criticized the Bank of England, going so far as to label its actions as “crimes” against Venezuela. She has highlighted the need for these funds to address not just the earthquake aftermath but also the ongoing economic crisis spurred by years of mismanagement.
In addition to the gold reserves, reports indicate that the Venezuelan government is also pursuing access to nearly $5 billion in International Monetary Fund special drawing rights, which have been frozen due to the political instability under Maduro’s rule.
