The U.K. has signaled that billions of dollars of Venezuelan gold held at the Bank of England are likely to remain frozen because Britain does not recognize the current Venezuelan administration. Foreign Secretary Yvette Cooper told Parliament that government policy aims to support a democratic transition, while decisions on custody are for the Bank of England. The bullion has been frozen since 2020 amid competing legal claims; a 2020 court valuation put the holdings at about $1.95 billion, and rising gold prices could make them worth over $3 billion today.
UK Signals Billions Of Venezuelan Gold At Bank Of England Will Likely Remain Frozen
US Secretary of State Marco Rubio leans over to listen to Britain's Foreign Secretary Yvette Cooper during a United Nations Security Council ministerial meeting in New York, U.S., Sept. 23, 2025.
The United Kingdom has indicated that more than a billion dollars of Venezuelan gold held in vaults at the Bank of England will probably remain frozen, even amid reports — not independently verified — of political turmoil in Caracas.
Speaking to Parliament on Jan. 5, Foreign Secretary Yvette Cooper said the U.K.'s nonrecognition of Venezuela's current administration informs the government's approach to the bullion. "It is important that we have the pressure in place to have a transition to a democracy which is also about the will of the Venezuelan people," she told lawmakers, while noting that decisions about custody and release are ultimately matters for the Bank of England.
Why The Gold Remains Frozen
The gold in question is part of Banco Central de Venezuela's official reserves and has been subject to a freeze since 2020 amid competing legal claims over who has the authority to access it. The freeze reflects the U.K.'s recognition policy: when the British government does not recognize an overseas head of state, the courts typically follow suit under the so-called "One Voice" doctrine.
Nicolas Maduro is seen in handcuffs after landing at a Manhattan helipad, escorted by heavily armed federal agents as they make their way into an armored car en route to a Federal courthouse in Manhattan on Jan. 5, 2026 in New York City
"Obviously, there are independent decisions for the Bank of England to take, but our principles are about maintaining and pursuing stability and a transition to democracy, and that is what is guiding our approach," Cooper said.
Legal History And Valuation
Maduro launched legal action against the Bank of England in 2020, triggering rival claims over who could represent Banco Central de Venezuela. The U.K. High Court initially sided with the Bank of England; the Court of Appeal later reached a different view, and the U.K. Supreme Court ultimately considered the question of recognition as part of its judgment. Documents from the Supreme Court valued the gold at roughly $1.95 billion in 2020. With the price of gold having risen since then, those holdings could now be worth in excess of $3 billion.
Market Context
Rhona O’Connell, head of market analysis for EMEA and Asia at StoneX, told Fox News Digital that the practical effect is that "the gold stays where it is," limiting Caracas's ability to draw on those reserves. She said Venezuela sold substantial quantities of gold as its economic crisis deepened between 2012 and 2016; the largest reported tranche was about 85 metric tons in early 2016, with additional smaller disposals afterward. O'Connell also cited World Gold Council figures suggesting net sales of roughly 179 metric tons since 2022.
Other Jurisdictions
Swiss authorities have also frozen assets linked to Nicolás Maduro and a number of associates, according to Reuters, though Swiss officials have not publicly disclosed the total value of those assets. Swiss customs data cited by Reuters indicate Venezuela exported about 113 metric tonnes of gold to Switzerland over a relevant period, with an estimated value near $5.2 billion.
Fox News Digital has sought comment from the Bank of England and the U.K. Foreign Office. Many details cited here — including reports about any arrest or leadership changes — remain sourced to media reports and have not been independently confirmed; readers should watch for follow-up reporting from primary sources and official statements.
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