Venezuela asks King Charles to free £3.4billion gold reserves after earthquake

Venezuela's interim President Delcy Rodríguez has formally appealed to King Charles III, requesting the release of roughly 31 tonnes of Venezuelan gold held at the Bank of England to fund earthquake recovery efforts.

The acting leader announced on Wednesday that she had dispatched a letter to the British monarch seeking access to the frozen reserves.

"I decided to send a letter to the King of England to have the gold held at the Bank of England released. This gold belongs to our people. We need this gold to deal with the consequences of the earthquake," Ms Rodríguez stated during a broadcast on state television.

The request places Venezuela's sovereign assets at the heart of an intensifying international discussion concerning sanctions, national sovereignty and humanitarian relief.

Buckingham Palace has not publicly responded to the appeal.

The twin earthquakes that struck Venezuela on June 24 have become one of the deadliest natural disasters in the nation's modern history.

According to figures provided by National Assembly President Jorge Rodríguez on Wednesday, the death toll has climbed to 3,811, with more than 16,740 people sustaining injuries.

Nearly 17,907 individuals have lost their homes as a result of the catastrophe.

The US Geological Survey recorded two powerful tremors measuring 7.2 and 7.5 in magnitude, occurring just 39 seconds apart.

The earthquakes devastated the northern state of La Guaira and areas surrounding Caracas, flattening scores of residential buildings and triggering a massive humanitarian response both domestically and internationally.

NASA satellite imagery suggests as many as 60,000 structures may have been damaged or destroyed.

Venezuela’s total gold reserves are estimated at 161.2 metric tonnes, which carry a total market value of approximately £17.84billion.

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The UK is holding a portion of these reserves, about 31 metric tonnes, which is currently frozen in the Bank of England and valued at roughly £3.43billion.

The Bank of England froze the assets amid international sanctions and a dispute over Governmental legitimacy following Nicolás Maduro's contested claim to power.

British courts ultimately sided with the opposition, with the UK Supreme Court ruling that Mr Maduro's administration could not access the bullion as he was not recognised as Venezuela's legitimate head of state.

Mr Maduro, who was detained by US military forces in January, had repeatedly accused London of theft during his years-long efforts to repatriate the reserves.

Beyond the appeal to the British Crown, Ms Rodríguez has opened discussions with International Monetary Fund Managing Director Kristalina Georgieva regarding frozen Venezuelan holdings.

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