Venezuela Transfers 31 Tons of Gold to U.S. Treasury Account

Venezuela is reported to be transferring 31 tons of gold, valued at approximately $4 billion (around 5.656 trillion won), stored in London, to a U.S. Treasury account. This issue has escalated into a debate over where the control of sovereign assets lies within the sanctions framework, rather than the physical movement of the gold itself.

Brazilian media UOL reported that Ramón López, a former opposition member of the Venezuelan National Assembly, stated in an interview with Venebisíon that the gold would be deposited into a U.S. Treasury account. López explained that the funds would be used for the reconstruction of homes, schools, and health facilities damaged by the earthquake in June, and would be subject to international audits and transparency controls.

However, as of August 18, neither the U.S. nor the U.K. governments, nor the Bank of England, have officially confirmed this transfer. It remains unclear whether this is a physical movement of gold, an accounting transfer, or a change in legal control.

The starting point of this issue is the gold reserves that the Central Bank of Venezuela has stored at the Bank of England. In 2026, foreign media described the Venezuelan gold in the London vault as totaling 31 tons. Past documents from British courts mentioned the value of this gold at approximately $1.95 billion (around 2.7573 trillion won) in 2020, and the recent figure of around $4 billion reflects the current estimate considering the rise in gold prices.

The Venezuelan Foreign Ministry announced that Delcy Rodríguez demanded the release of the gold stored in London from King Charles III of the U.K. on July 13, citing the need for reconstruction funds following the June earthquake.

The U.K. government announced on July 2 an expansion of humanitarian aid for earthquake relief in Venezuela. This announcement did not include any mention of the return of gold or the transfer to a U.S. Treasury account.

On June 10, the U.S. Treasury's Office of Foreign Assets Control (OFAC) issued General License 51B, which addresses transactions related to Venezuelan minerals, particularly gold. The relevant OFAC documents stipulate that some payments must go into Foreign Government Deposit Funds or accounts directed by the Treasury.

General licenses are not a mechanism that allows all transactions related to sanctioned countries. They allow exceptions for specific actions, periods, and subjects that are otherwise prohibited. This document is a measure that organizes the legitimate pathways for transactions involving Venezuelan minerals and the flow of funds, but it does not confirm the transfer of Venezuela's gold stored in London.

On January 9, the White House explained the structure of keeping revenues from Venezuelan crude oil in a U.S. Treasury account. The mention of a "Treasury account" in this gold report may reflect a blending of the oil revenue management structure and claims regarding the transfer of gold reserves.

There are also ongoing legal disputes in the U.K. The U.K. government recognized Juan Guaidó as the legitimate president in the dispute over access to Venezuelan gold in 2021. This judgment was central to the lawsuit regarding who could move the Venezuelan gold stored at the Bank of England.

Although the internal political situation in Venezuela has changed since then, the resolution of the U.K. procedures remains a separate issue. The key point is not the ownership of the gold itself, but who has the authority to direct on behalf of the Central Bank of Venezuela.

From a market perspective, the control over the gold is a more significant issue than the gold itself. The U.S. measures to ease sanctions on Venezuela are designed to allow limited oil and mineral transactions while ensuring that payments go through specific accounts. Therefore, this report has sparked a debate over who manages sovereign assets within the sanctions framework, regardless of the physical movement of the 31 tons of gold.

No direct price fluctuations linked to the gold market have been confirmed. However, the storage of gold by central banks, sanctions, and geopolitical risks have already been treated as major variables in the precious metals market. We previously reported on the trend where international gold prices and geopolitical risks were highlighted together.

This issue is an extension of Venezuela's earlier demand for the return of 31 tons of gold stored at the Bank of England. At that time, the key issue was not the existence of the gold, but the transparency of the U.K. legal judgment and the use of funds.

For Korean investors, this issue is not just about the direction of gold prices. It reveals how central bank reserve assets are stored in the financial infrastructure of different countries, who controls the flow of funds when sanctions are imposed, and how disputes over legal representation affect asset recovery.

The future process depends on the official explanations from U.S. and U.K. authorities and the resolution of legal matters in the U.K. Currently, no schedule for the execution of the gold transfer or the completion of the account transfer has been presented in the publicly available materials.