Venezuela asks King Charles III to release frozen gold for earthquake reconstruction

Venezuela's interim president, Delcy Rodriguez, has formally requested that King Charles III release approximately 30 tons of Venezuelan gold frozen in the United Kingdom. The gold, held at the Bank of England, is intended to fund reconstruction efforts in the wake of a devastating double earthquake that struck the country.

"I have decided to send a letter to the King of England so that they release the gold that is held at the Bank of England. This gold belongs to our people. (We need) this gold to face the consequences of the earthquake," Rodriguez announced on television. Earlier, Foreign Minister Yvan Gil had urged the UN Office for the Coordination of Humanitarian Affairs to unfreeze all Venezuelan assets globally.

The Venezuelan government under Nicolas Maduro has repeatedly sought the release of this gold, particularly during the COVID-19 crisis, but British courts have rejected these appeals. The gold has been frozen as part of international sanctions against Venezuela.

In a related development, the U.S. government suspended sanctions against Venezuela for four months on June 26. This move aims to facilitate relief operations following the deadly earthquake. The U.S. had imposed extensive economic sanctions on Venezuela, particularly since 2019, seeking to pressure President Nicolas Maduro, whom they deem illegitimate.

United Nations estimates place the earthquake's economic losses at $6.7 billion, equivalent to 6% of Venezuela's GDP. The nation has been grappling with a severe economic crisis for years. The U.S. decision to temporarily lift sanctions signals a warming of relations, with the U.S. executive branch now supporting interim president Rodriguez and gradually easing sanctions to potentially boost Venezuela's oil production.

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I have decided to send a letter to the King of England so that they release the gold that is held at the Bank of England. This gold belongs to our people. (We need) this gold to face the consequences of the earthquake.