Beautiful Virgin Islands

Monday, Feb 23, 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

Beautiful Virgin Islands
0:00
0:00
Close
UK Police Officers Guarded 2010 Epstein Dinner Attended by Prince Andrew, Reports Say
US Trade Representative Affirms Commitment to Existing Tariff Agreements with UK and Other Partners
Activists at the Louvre hung a framed Reuters photograph of Andrew Mountbatten-Windsor slumped in the back of a car leaving a police station on the day of his arrest
Metropolitan Police Deploys Palantir-Powered AI to Flag Potential Officer Misconduct
UK Parliament Rebukes Police Over Ban on Israeli Football Fans
Britain Emerges Among a Small Group of Nations Without a Religious Majority
UK’s Manufacturing Base at Risk as Soaring Energy Costs Weigh on Industry
Matt Goodwin’s Unconventional Campaign for Reform UK in the Gorton and Denton By-Election
US Military Movements in the UK Spark Speculation Over Preparations Related to Iran Tensions
UK Faces Significant Economic Risk From Trump’s New Global Tariff Regime
UK Defence Secretary Signals Intent to Deploy British Troops to Ukraine
UK Students Mark Lunar New Year as Universities Adjust to New Equality Compliance Rules
UK Government Weighs Removing Prince Andrew from Line of Succession After Arrest
Prince Andrew’s Arrest in UK Rekindles Scrutiny Over US Handling of Epstein Records
Trump’s Strategic Warning to UK Over Chagos Islands Deal Sparks Diplomatic Whiplash
Starmer Government Postpones Local Elections Affecting 4.5 Million Voters
UK Economy Remains Fragile Despite Recent Upturn in Headline Indicators
UK Businesses Face Fresh Uncertainty Following US Tariff Ruling
Reform UK’s Senior Figures Face Scrutiny Over Remarks on Women and Family Policy
UK Electric Vehicle Drive Threatened by Shortage of 44,000 Qualified Technicians
University of Kentucky Trustees Advance Academic Reforms and Approve Coliseum Plaza Purchase
Boris Johnson Calls for Immediate Deployment of UK Troops to Support Ukraine
OpenAI CEO Sam Altman praises the rapid progress of Chinese tech companies.
North Korea's capital experiences a significant construction boom with the development of a new city district dubbed 'Pyonghattan'.
New electric vehicle charging service eliminates waiting times
Vox Populi confronts Justin Trudeau at Davos over vaccination policies
Poland's President Karol Nawrocki ENDS support for Ukrainian citizens:
The mayor of Rotherham in Britain
UK Confirms Preferential U.S. Trading Terms Will Continue After Supreme Court Tariff Ruling
U.S. and U.K. to Hold Talks on Diego Garcia as Iran Objects to Potential Military Use
UK Officials Weigh Possible Changes to Prince Andrew’s Position in Line of Succession Amid Ongoing Scrutiny
British Police Probe Epstein’s UK Airport Links and Expand High-Profile Inquiries
Early 2026 Data Suggests Tentative Recovery for UK Businesses and Households
UK Introduces Digital-First Passport Rules for Dual Citizens in Border Control Overhaul
Unable to Access Live Financial Data for January UK Surplus Report
UK ‘Working Closely with US’ to Assess Impact of Supreme Court Tariff Ruling
Trump Criticises UK Decision to Restrict Use of Bases in Potential Iran Strike Scenario
UK Foreign Secretary and U.S. State Chief Hold Strategic Talks as Tensions Rise Over Joint Air Base
King Charles III Opens London Fashion Week as Royal Family Faces Fresh Scrutiny
Trump’s Evolving Stance on UK Chagos Islands Deal Draws Renewed Scrutiny
House Democrat Says Former UK Ambassador Unable to Testify in Congressional Epstein Inquiry
No Record of Prince Andrew Arrest in UK as Claims Circulate Online
UK Has Not Granted US Approval to Launch Iran Strikes from RAF Bases, Government Confirms
UK Intensifies Efforts to Secure Saudi Investment in Next-Generation Fighter Jet Programme
Former Student Files Civil Claim Against UK Authorities After Rape Charges Against Peers Are Dropped
Archer Aviation Chooses Bristol for New UK Engineering Hub to Drive Electric Air Taxi Expansion
UK Sees Surge in Medical Device Testing as Government Pushes Global Competitiveness
UK Competition Watchdog Flags Concerns Over Proposed Getty Images–Shutterstock Merger
Trump Reasserts Opposition to UK Chagos Islands Proposal, Urges Stronger Strategic Alignment
Greek Prime Minister Kyriakos Mitsotakis advocates for a ban on minors using social media.
×