“This Gold Belongs to Our People” – Venezuela’s President Pleads with King Charles to Release Frozen Assets

While King Charles and Queen Camilla were at London Zoo smiling with penguins for the 200th anniversary of the Zoological Society of London, Venezuela was making a far more serious appeal.

Venezuela’s interim president, Delcy Rodríguez, has reportedly written to King Charles asking for the release of around 30 tonnes of Venezuelan gold held by the Bank of England. That gold, worth approximately $1.9 billion, has been frozen for years because of sanctions, legal disputes and the UK’s position on Venezuela’s political leadership. The Bank of England has refused to release the bullion, which has been the subject of a long-running legal battle.

The request comes after twin earthquakes struck Venezuela last month, killing at least 3,811 people, injuring nearly 17,000, and leaving almost 18,000 homeless. The UN has launched an appeal for nearly $300 million in aid.

“This gold belongs to our people. We need this gold to deal with the consequences of the earthquake,” Rodríguez said on state television.

Here is what DW News reported:

“I have decided to send a letter to the King of England requesting the release of the gold held at the Bank of England. That gold belongs to our people. It is intended to address the consequences of the June 24 earthquake,” Rodríguez declared on Wednesday.

Rodríguez assumed the interim presidency of Venezuela after Maduro was captured on January 3 in a US military operation in Caracas and taken to the United States, accused of drug trafficking.

Foreign Minister Yván Gil had earlier on Wednesday called for the release of Venezuela’s “blocked” resources abroad.

Rodríguez also mentioned that she spoke with the managing director of the International Monetary Fund, Kristalina Georgieva, to insist on obtaining resources from that entity.

Bureaucratic Colonialism in the 21st Century

The Bank of England is holding roughly $1.9 billion worth of Venezuelan gold. The official explanation cites unresolved diplomatic and legal questions over who represents Venezuela’s government as the reason for withholding the assets. And technically, Charles does not have the power to simply order the Bank of England to hand it over.

But that does not make the situation any less ugly. Venezuela is asking for access to its own wealth during a time of crisis. Yet the money remains trapped in Britain, locked behind legal arguments, sanctions and diplomatic bureaucracy. It is the kind of situation that reeks of bureaucratic colonialism: a former imperial power, headed by an unelected head of state, sitting comfortably while another country’s resources remain out of reach.

The US has approved a four‑month exemption allowing certain transactions linked to earthquake relief. The UN humanitarian chief has called for sanctions to be flexibilised so they do not hinder aid delivery. A group of 113 economists and academics has urged the US to lift sanctions and the IMF to facilitate access to financial mechanisms. Yet the gold remains frozen.

Whatever people think of Venezuela’s government, ordinary people should not bear the burden of a system that allows wealthy nations and their institutions to freeze another country’s assets and keep them out of reach in a time of crisis..