Venezuela's interim president, Delcy Rodríguez, announced on Wednesday that she has sent a formal request to Britain's King Charles III. Her appeal is for the release of Venezuelan gold stored in the Bank of England, intended to aid in the nation's recovery following the catastrophic twin earthquakes on June 24.
The gold in question consists of approximately 31 tons of bullion, valued at around $1.9 billion.
"I have decided to send a letter to the King of England to release the gold held in the Bank of England. This gold belongs to our people. It is meant to address the aftermath of the June 24 earthquake," Rodríguez stated during a broadcast on the state-run channel Venezolana de Televisión (VTV).
Rodríguez emphasized that "Venezuela has the resources to recover and rise again," underscoring the interim government’s strategy to unlock its international assets before solely relying on foreign aid.
Frozen Assets Since 2019
Venezuela's gold reserves have been frozen in London since 2019 when the British government, along with the United States and other countries, recognized Juan Guaidó as the legitimate president and refused to hand control of these assets to Nicolás Maduro's government.
In July 2020, a London High Court judge ruled that only the Central Bank of Venezuela board appointed by Guaidó had the authority to direct the handling of the gold, leading to prolonged legal proceedings with no final resolution.
Rodríguez took on the role of interim president following the capture of Maduro by U.S. forces on January 3, 2026, during "Operation Absolute Resolution," and her government received formal recognition from the Trump administration in March of this year.
Engagement with IMF and Global Outreach
In addition to her appeal to the British monarch, Rodríguez mentioned having a conversation with Kristalina Georgieva, the managing director of the International Monetary Fund (IMF).
"I had a call with the IMF director, to whom I expressed gratitude for her attention and understanding, to release Venezuela's blocked resources within the IMF," she asserted.
Venezuela holds $3.568 billion in Special Drawing Rights (SDRs) at the IMF, equivalent to about $5.1 billion, which are inaccessible due to the organization’s non-recognition of Maduro's administration.
Foreign Minister Yván Gil also participated in a virtual meeting with the UN Office for the Coordination of Humanitarian Affairs, calling for the initiation of a plan to release Venezuela's frozen funds for recovery efforts.
International Pressure to Ease Sanctions
According to EFE, Tom Fletcher, the UN's Deputy Secretary-General for Humanitarian Affairs, present in Venezuela, indicated that sanctions need to be relaxed to not hinder aid and recovery plans.
Fletcher warned that the earthquakes would create a "very difficult economic situation," reducing the national GDP by several points.
The UN made an urgent appeal to raise $296 million to address the needs of 1.3 million people over the next six months.
A group of 113 economists and academics, including Jeffrey Sachs, Isabella Weber, and James K. Galbraith, signed a letter urging the U.S. and the IMF to lift sanctions to facilitate reconstruction.
Washington has already allocated over $386 million in humanitarian aid to the country.
Housing Reconstruction Plan
Rodríguez also announced plans for "aggressive and rapid" construction of earthquake-resistant homes and cities, involving both domestic and international companies, with a promise to soon unveil the detailed execution timeline.
The plan, supported by the UN, includes importing prefabricated homes for those displaced as an immediate solution to the housing crisis caused by the quakes.
Urgent Need for Resources Amidst Disaster
The twin earthquakes on June 24, with magnitudes of 7.2 and 7.5, are regarded as the deadliest in Venezuela in over a century.
The official death toll has reached 3,811 as of July 9, with more than 17,000 people losing their homes.
The region of La Guaira, located north of the country near Caracas, was the hardest hit with 190 buildings completely collapsing and another 856 suffering severe damage.
The U.S. Geological Survey (USGS) estimated with a 42% probability that the actual number of casualties could be between 10,000 and 100,000, significantly higher than the official figures.
Key Questions About Venezuela's Gold and Reconstruction Efforts
Why is Venezuela's gold held in the Bank of England?
Venezuela's gold reserves have been stored in the Bank of England as a secure location for international reserves. However, since 2019, these assets have been frozen due to political disputes regarding the legitimate leadership of Venezuela.
What are the implications of releasing Venezuela's gold?
Releasing the gold would provide Venezuela with significant financial resources needed for reconstruction after the devastating earthquakes. It would enable the interim government to initiate recovery efforts more swiftly and reduce reliance on international aid.
What is the role of the IMF in Venezuela's economic situation?
The IMF holds Venezuela's Special Drawing Rights (SDRs), which are currently inaccessible due to the organization's non-recognition of Maduro's government. These resources are crucial for economic stabilization and recovery efforts.