Venezuela Orders Action to Win Back Gold

VENEZUELA · GOLD

Venezuela’s government has ordered its foreign ministry and attorney general to start the legal and diplomatic work of recovering its gold from Britain’s central bank, the Bank of England, in London. Acting president Delcy Rodríguez gave the order on Wednesday 28 October 2026, and UK courts, the UK government and US sanctions rules all touch the process.

For US readers the gold is not Washington’s to release, since the dispute sits with the bank and UK courts, and the UK government says it is not a party. A companion piece explains why Venezuela’s gold sits in London, while this article looks ahead.

What Venezuela Ordered and What Is New

Rodríguez told her vice presidents and ministers at Miraflores Palace, the presidential seat in Caracas, that she would not give up demanding the gold, adding “ya basta de excusas,” or enough excuses. The presidency says she denounced the withholding as theft and called the gold the central bank’s property.

She told the foreign ministry and the Procuraduría General to activate legal and diplomatic mechanisms to recover it, a government release says. The release adds that opposition groups dropped earlier court actions, which the government says removes any legal obstacle.

Earlier steps were Rodríguez’s July letter to King Charles III, the August pledge of unity with the 2015 National Assembly, talk of a move to New York in September and the joint panel agreed on Wednesday 21 October. What is new is a direct instruction to the state’s own legal and diplomatic arms.

How a Request to the Bank of England Would Work

In May 2020 the BCV sued the bank for refusing to follow instructions from the board appointed by then president Nicolás Maduro, and the bank asked the High Court to decide whose instructions it may follow. The rival board was appointed by opposition leader Juan Guaidó.

The UK Foreign Office told Parliament on Monday 7 September 2026 that the government is “not party to the legal case to determine who should have control” of the gold. It added that courts and the bank are independent of the government.

The UK Supreme Court ruled on Monday 20 December 2021 that courts must accept the UK government’s statement on whom it recognises, and Britain at that time recognised opposition leader Guaidó. The Court of Appeal ruled on Friday 30 June 2023 that UK courts could not question the board Guaidó had appointed, though Britain had stopped recognising him in January 2023.

Rodríguez argued in remarks released on Monday 13 July 2026 that the hold rested on London not knowing who governed Venezuela, adding “gobernamos nosotros,” meaning that her government is the one in charge. The UK Foreign Secretary called her “the acting President” on Monday 5 January 2026, but that statement does not say whether the UK formally recognises her government.

Sanctions and the US Link

UK sanctions are not the court dispute’s subject, because the UK regime covers designated persons and certain goods, and the Foreign Secretary told Parliament on 5 January that Britain has sanctioned individuals, not sectors of the economy. The court record frames the obstacle as who may instruct the bank.

On the US side, the Treasury’s Office of Foreign Assets Control, or OFAC, issued General License 57 on Tuesday 14 April 2026 to allow financial services involving the BCV, but not the unblocking of any blocked property. US Secretary of State Marco Rubio said on Monday 26 October that Venezuela is “still heavily sanctioned.”

What It Means for You

US investors and lenders watching Venezuela’s recovery should read the order as a first step, since it names no date and no court filing. Court papers valued the gold at about US$1.95 billion, and with gold above US$4,000 an ounce on 29 October 2026 it would be worth more today.

US firms dealing with Venezuela’s central bank should keep to OFAC’s license terms, which still bar unblocking blocked property. Readers can follow the wider story in the Venezuela hub.

What Is Not Known

No court record or Bank of England statement gives the gold’s weight, and the 31 tonnes comes from Caracas, with a value of US$4 billion that is an estimate based on it. A September report of a move to New York is also unconfirmed, since the 21 October agreement on the gold names no destination and the US statement of Thursday 22 October does not mention it.

It is not known whether the case in London’s Commercial Court, part of the High Court, is still active or whether opposition court actions were dropped, as the government says. No timetable for the foreign ministry’s or attorney general’s steps has been published.

It is also unknown whom the UK government will tell the courts it recognises, or whether the bank would act on a joint instruction from both Venezuelan sides. The bank has not said how it would respond.

Frequently Asked Questions

What did Venezuela order on 28 October 2026?

Acting president Delcy Rodríguez told the foreign ministry and the attorney general’s office to activate legal and diplomatic steps to recover gold held at the Bank of England. The presidency says she called the withholding theft.

Who decides whether the Bank of England releases the gold?

The bank asked the High Court to decide whose instructions it may follow. The UK government says it is not party to that case and that the courts and the bank are independent of it.

Do US sanctions affect the gold?

US sanctions still shape any dealing with Venezuela’s central bank. Treasury’s General License 57 of 14 April 2026 says it does not authorize unblocking blocked property.

How much is the gold worth?

UK court papers value it at about US$1.95 billion, a figure repeated in judgments from 2021 to 2023. With gold above US$4,000 an ounce on 29 October 2026 the value is higher today, and Caracas puts the weight at 31 tonnes.

Has a UK court ruled on who may instruct the bank?

The Court of Appeal ruled on 30 June 2023 and left the future course of the case to the Commercial Court. No later judgment on the point appears in the National Archives case-law database.

Sources: Presidency of Venezuela, report on the Council of Vice Presidents and Ministers, 28 October 2026; Venezuelan Ministry of Communication and Information, release on the 28 October 2026 speech; Ministry of Communication and Information, release of 13 July 2026; Ministry of Communication and Information, release on the joint communiqué of 21 October 2026; US State Department, spokesman’s statement, 22 October 2026; US State Department, Secretary Rubio’s remarks, 26 October 2026; US Treasury OFAC, General License 57, 14 April 2026; UK Supreme Court, press summary of [2021] UKSC 57, 20 December 2021; High Court, [2022] EWHC 2040 (Comm); Court of Appeal, [2023] EWCA Civ 742, 30 June 2023; UK Parliament, written question 19155, Foreign Office answer of 7 September 2026; UK Foreign Secretary, statement to the House, 5 January 2026; UK government, Venezuela sanctions guidance, 1 May 2026; Venezuelan National Assembly, text of the Constitution, Article 247.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief