UK keeps Venezuelan gold frozen at Bank of England after Maduro arrest

The U.K. will keep more than $1 billion of Venezuelan central bank gold frozen at the Bank of England, and Foreign Secretary Yvette Cooper said the stance reflects Britain's non-recognition of the current Venezuelan administration.

The U.K. has signaled it will keep more than $1 billion of Venezuelan central bank gold held at the Bank of England frozen. Foreign Secretary Yvette Cooper told Parliament on Jan. 5 that Britain’s decision is guided by its refusal to recognize the current Venezuelan administration. The bullion has been under a freeze since 2020 amid competing legal claims over who can lawfully access the reserves. Court records from 2020 placed the gold's value at about $1.95 billion. Key facts: - The U.K. government said the gold held at the Bank of England will remain frozen, citing non-recognition of the current Venezuelan administration, as stated by Foreign Secretary Yvette Cooper. - The reserves have been frozen since 2020 because of competing claims over which party can represent Banco Central de Venezuela. - U.K. Supreme Court documents from the related cases listed the 2020 value at around $1.95 billion and the "One Voice" doctrine has been cited in how recognition affects court decisions. - Swiss authorities have also frozen assets linked to Nicolás Maduro and associates, Reuters reported. Summary: The U.K. stance keeps sizable Venezuelan gold reserves under Bank of England custody and reflects its recognition policy toward Venezuela's leadership. Legal questions about representation and access have driven the freeze since 2020, and the next procedural steps are undetermined at this time.