Bank of England Won’t Return $1.2 Billion of Venezuela’s Gold from UK

The Bank of England blocked Venezuela’s attempts to retrieve $1.2 billion worth of gold stored as the nation’s foreign reserves in London, sources told Bloomberg on Friday.

Venezuela has been trying to withdrawal the gold since at least December, when the head of Venezuela’s central bank traveled to London to seek access to the nation’s assets.

The Bank of England’s decision to refuse the release of Venezuela’s assets comes as US officials are trying to steer the nations assets toward efforts to take control of the government.

According to reports, 31 tons of gold are kept by Venezuela in the Bank of England. By some estimates, Venezuela holds more than $8 billion in foreign reserves.



Photo: “Royal visit to the Bank of England – 7th December 2016” by Bank of England is licensed under CC BY-ND 2.0