London Daily

Focus on the big picture.
Monday, Jun 15, 2026

Venezuela's rival leaders begin tug-of-war over London gold

Venezuela's rival leaders begin tug-of-war over London gold

Venezuela's rival leaders, President Nicolás Maduro and his western-backed opponent Juan Guaido, began a legal tug-of-war on Monday over $1 billion of the country's gold stashed deep under the Bank of England in London.
In a High Court hearing due to last four days, the Venezuelan central bank (BCV), controlled by Maduro’s government, is seeking an order to force the Bank of England to release the bullion that, like many countries, it stores there for safe keeping.

Lawyers representing the BCV say selling the gold, which amounts to around 15% of Venezuela’s foreign currency reserves, would fund the response to the coronavirus and bolster a health system gutted by six years of economic crisis.

Guaido’s lawyers meanwhile say the bullion is his to control as the British government, along with around 60 others around the world, recognise him as leader after claims Maduro rigged Venezuela’s last presidential election two years ago.

Monday’s start of the hearing saw the two legal teams lock horns over who is recognised as the legitimate leader.

BCV representative Nick Vineall QC argued a statement by the UK government in February 2019 that Guaido was interim president had been carefully nuanced and that diplomatic action since then had shown that Maduro was still seen as in charge.

He gave examples of how economic sanctions had referred to Maduro and how Maduro’s embassy staff had received correspondence on Queen Elizabeth II’s birthday last June.

Guaido’s designated representative to the UK, Vanessa Neumann, a former London socialite who once dated Rolling Stones singer Mick Jagger, had meanwhile been told that while she would be received in London, she would not receive a diplomatic visa, diplomatic immunity or have access to Venezuela’s diplomatic properties there.

“As far as western Europe is concerned for the most part... there are full diplomatic relations with the Maduro government,” Vineall said.

Andrew Fulton, Guaido’s representative in the London case on Monday responded by saying that the UK’s statement in February 2019 had been clear.

“Those two words ‘now recognise’ put that issue beyond doubt,” Fulton said. “That is of absolutely critical importance,” he added.

The Bank of England has yet to comment on the case.

It holds roughly 400,000 bars of gold worth more than 200 billion pounds ($250 billion) in its vaults under the City of London and is the second largest keeper of gold in the world after the New York Federal Reserve, according to its website.

The dispute over Venezuela’s gold began in May 2018 when Maduro secured re-election in a vote the opposition coalition boycotted and called a sham. Afterwards, Boris Johnson, then the British foreign minister, said: “We may have to tighten the economic screw on Venezuela.”

Concerned by mounting U.S. sanctions against the Maduro government, the BCV subsequently told the BOE it wanted to bring home 14 tonnes of gold it had stored there.

Around the year’s end, Calixto Ortega, the BCV president, travelled to London to discuss the move with BOE officials, according to Sarosh Zaiwalla, a London-based lawyer representing the BCV.

In its latest claim, the BCV has changed tack. It says that the funds from a sale would be funnelled into the United Nations Development Programme (UNDP) and be used to buy medicine and equipment to combat the COVID-19 crisis.

The opposition alleges Maduro wants to use the gold to pay off his foreign allies, which his lawyers deny. Over the past two years, Maduro’s government has removed some 30 tonnes from its reserves in Venezuela to sell abroad for much-needed hard currency, according to people familiar with the operations and the bank’s own data.
Newsletter

Related Articles

0:00
0:00
Close
Royal Navy Takes Part in Trooping the Colour for the First Time in 350 Years
Think Tank Warns Labour's European Union Reset Could Carry Significant Economic Costs
UK Semiconductor Centre and Japan's Rapidus Forge Advanced Chip Manufacturing Partnership
UK and Japan Launch Offshore Wind Compact Backed by £9 Billion in Investment
Starmer and Trump Discuss Iran Peace Efforts and Reopening of the Strait of Hormuz
United Kingdom and Japan Sign £18 Billion Investment Partnership Focused on Clean Energy and Advanced Technology
Barclays Moves to Acquire GoHenry in Bid to Expand Youth-Focused Fintech Services
UK Lupus Patients Show Remission in NHS Genetic Therapy Trial
London Clean Air Zones Linked to Fewer Emergency Hospital Admissions for Respiratory Illness
UK World Cup Scheduling Research Suggests Energy Bill Savings From Off-Peak Usage
UK Economic Anxiety Rises Among Young People Over Long-Term Job Prospects
NHS Expands Meningitis B Vaccination Programme for School Leavers and New Students
London Ultra-Low Emission Zone Linked to Drop in Emergency Respiratory Hospital Admissions
Derbyshire Police Officer Investigated Over Alleged Use of AI-Generated Evidence in Case Files
UK Parents Back Proposed Under-16 Social Media Ban as Online Safety Concerns Grow
Four Palestine Action Activists Jailed Over Sabotage Attack on Israeli-Linked Arms Facility
Barclays to Acquire GoHenry in Push to Expand Digital Banking for Children and Teenagers
UK Government Reaffirms Defence Spending Commitment Amid Cabinet Pressure and Political Disputes
Belfast Unrest Prompts Security Review as Paramilitary Activity Comes Under Renewed Scrutiny
SpaceX IPO Pushes Elon Musk to Become World’s First Trillionaire After Record Valuation Surge
United States and Iran Near Landmark Peace Framework as Negotiations Reach Final Stages
UK Competition Watchdog Investigates Ryanair Family Seating Charges
Imperial College Study Links London Emissions Charges to Lower Hospital Admissions
Scottish First Minister Launches US Trade Initiative Ahead of World Cup Match in Boston
Fifteen Million Workers Gain Expanded Sick Pay Rights Under UK Reforms
British Retail Investors Secure Record Participation in SpaceX Share Offering
Keir Starmer and Micheál Martin Coordinate Response to Northern Ireland Violence
NHS Prepares for Major Disruption as Resident Doctors Announce Four-Day Strike
Bank of England Expected to Hold Rates as Energy Costs Complicate Inflation Outlook
Britain Moves to Ban Under-16s From High-Risk Social Media Platforms and AI Chatbots
UK Economy Contracts as Middle East Conflict Weighs on Growth
Defence Secretary John Healey Resigns Over Military Spending Dispute With Treasury
Prime Minister Keir Starmer Faces Leadership Crisis After Senior Cabinet Resignations
NHS Trust Secures Funding for AI Tool to Detect Heart Failure Earlier
Government Unveils £4.5 Billion Investment Plan for Walking and Cycling Infrastructure
Nationwide Reports UK House Prices Falling as Borrowing Costs Remain Elevated
Centre for Social Justice Says Two Million Britons Are Using Illegal Loan Sharks
UK Carmakers Warn EU Local Content Rules Could Damage British Manufacturing
UK Government Imposes Emergency Ban on Seven Potent Synthetic Opioids
Royal Navy Completes Major North Atlantic Anti-Submarine Exercise Off Norway
NHS Figures Show Nearly 3,000 Patients a Day Receiving Care in Hospital Corridors
CBI Cuts UK Growth Forecast as Middle East Tensions Drive Inflation Risks Higher
Dan Jarvis Appointed UK Defence Secretary Following Major Government Reshuffle
University College London Study Links Physical Punishment to Higher Risk of Bullying
East Midlands Railway Unveils First Refurbished Train in £60 Million Modernization Programme
RNLI Issues National Water Safety Appeal Ahead of Expected Heatwave
Climate Change Raises Subsidence Risks for Millions of Homes Across Southeast England
Manchester Advances Plans for Underground Piccadilly Station With £1 Million Funding Commitment
Anti-Immigration Violence Continues in Belfast Amid Heightened Security Concerns
UK Law Locks Great British Railways Into Public Ownership
×