A nation struggling to rebuild after a devastating disaster is now looking toward frozen reserves stored overseas. Venezuela’s push to access its gold has reopened a long-running international dispute.
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Venezuela’s interim President Delcy Rodríguez has appealed to Charles III to release around 31 tonnes of Venezuelan gold stored at the Bank of England. The government wants to use the frozen assets to support reconstruction work after two devastating earthquakes that caused thousands of deaths and widespread destruction.
Speaking on state television on Wednesday, Rodríguez said she had written a letter to the British monarch requesting the release of the gold, which Venezuela says belongs to its citizens.
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“This gold belongs to our people. We need this gold to deal with the consequences of the earthquake,” she said while explaining the need for additional resources during the recovery process.
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The request comes after twin earthquakes struck Venezuela last month, becoming one of the deadliest natural disasters in the country’s recent history. The powerful tremors destroyed numerous homes, displaced thousands of families and created a major humanitarian challenge.
According to figures shared by National Assembly President Jorge Rodríguez on Wednesday, the death toll from the earthquakes has reached 3,811. Around 16,740 people have been reported injured, while nearly 17,907 people have been left homeless.
The scale of the destruction has increased pressure on the Venezuelan government to find financial support for rebuilding damaged communities and restoring basic services.
Delcy Rodríguez also renewed her demand for international sanctions on Venezuela to be eased, arguing that the country has financial resources outside its borders that could help rebuild earthquake-hit areas.
“Venezuela has resources blocked around the world that could address this process of reconstruction,” she said on state broadcaster Venezolana de Televisión.
She added that these funds would not only support reconstruction but could also be used for employment and education programmes needed during the recovery period.
The interim president also revealed that she had spoken with the head of the International Monetary Fund regarding the possibility of releasing frozen funds.
The gold stored at the Bank of England has been at the centre of a lengthy legal dispute between Venezuela’s government and British authorities. The Bank of England has refused to hand over the bullion, which Caracas has repeatedly sought to access.
The dispute is linked to international sanctions imposed on Venezuela over the past two decades by countries including the United States and the European Union. These measures were introduced over allegations of democratic concerns and other issues involving Venezuela’s government.
Many sanctions remain active, though some restrictions have been adjusted. After the United States captured Venezuelan President Nicolás Maduro earlier this year, Washington allowed limited relief measures for Venezuela’s oil sector.
Following the earthquakes, the US also approved a four-month exemption allowing certain transactions linked to earthquake relief efforts that would otherwise have been restricted under sanctions.
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