Venezuela government and opposition near deal on 4 billion dollars of gold reserves

The government and opposition of Venezuela are reportedly close to a deal regarding the transfer of gold reserves worth approximately 4 billion dollars from the Bank of England to the Federal Reserve Bank of New York. This agreement, facilitated by U.S.-backed negotiations, aims to grant the transitional government led by Delcy Rodriguez legal control over the assets, while restricting its ability to sell the gold directly.

Under the proposed terms, the assets could serve as collateral for loans to fund public expenditures, specifically for reconstruction efforts following the massive double earthquake that struck the region in June. If finalized, this arrangement would resolve a seven-year legal and political dispute that began in 2019, when international powers recognized the opposition against the existing administration. Sources indicate that while progress is significant, technical negotiations are ongoing and no final agreement has been signed yet.