Venezuelan gold reserves in UK to fund earthquake relief

Venezuelan gold reserves held at the Bank of England may be unblocked to fund emergency relief following the earthquakes on June 24. According to Venezuelan deputy Ramón López, the funds will be deposited into accounts managed by the United States Department of the Treasury to ensure transparency and oversight.

The proposed plan involves using the resources to reconstruct housing, build schools, and reactivate health units damaged by the tremors. To prevent misappropriation, the expenditure will be subject to continuous auditing by international firms, with technical reports required to track the physical execution of infrastructure projects.

Approximately 31 tons of Venezuelan gold, valued at roughly $4 billion, are currently held in the Bank of England. While opposition sources suggest the unblocking is not conditioned on specific political demands, financial analysts note that the release of these assets remains a critical factor for any potential restructuring of Venezuela's external debt.