Deep under London’s streets, thousands of miles from Caracas, Nicolás Maduro’s seizure by the US has reopened a multibillion-dollar question: who controls Venezuela’s gold reserves at the Bank of England?
After the ousting of Maduro, global attention has largely focused on the South American country’s vast oil wealth – believed to be the largest reserves of any nation in the world. However, Venezuela also has significant gold holdings – including bullion worth at least $1.95bn (£1.4bn) frozen in Britain.
For years the gold bars have been the subject of a tussle in the London courts, entangling the Bank and the UK government in Venezuelan politics and a geopolitical battle that is now taking a fresh twist.
Venezuela has about 31 tonnes
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