Venezuela Nears $4 Billion Gold Deal; Trump to Meet Rodriguez

Venezuela is nearing a deal to move $4 billion in gold reserves from the Bank of England to the Federal Reserve Bank of New York, ending an almost eight-year legal dispute.

Acting president Delcy Rodriguez and the opposition reached a consensus in August to recover 31 tonnes of gold. The Interim President would gain legal control but not immediate selling access, with the gold supervised and restricted. The reserve could collateralize government borrowings for reconstruction after June's earthquakes, which killed over 6,000 and caused $19.6 billion in damage.

The UK Foreign Office is not a party to the legal case. President Trump is preparing for a first-ever meeting with Venezuela's interim president, Delcy Rodriguez, as early as next week at the UN General Assembly in New York. Trump also plans to meet Gulf leaders there to discuss the Iran War. A Trump adviser called Venezuela the president's top success and Rodriguez a key to that.

Democratic senators Elizabeth Warren, Ron Wyden, and Sheldon Whitehouse requested details on Venezuelan oil sales money held in a Treasury-controlled account. This follows a January order by President Trump to deposit funds after Nicolás Maduro's capture. Rodriguez confirmed receiving $300 million in January for workers' salaries. U.S. Energy Secretary Chris Wright reported $1 billion in completed sales by February, with $5 billion estimated to follow.

The White House removed Venezuela from its list of major drug transit or illicit drug producing countries for fiscal year 2027, citing positive steps taken under interim President Delcy Rodríguez. However, a UN mission reported on September 17, 2026, that Venezuela's repressive apparatus remains intact. On September 18, 2026, the Delcy Rodríguez regime kidnapped Javier Oropeza, a former opposition mayor, shortly after his return from exile under an amnesty law.