![]() ![]() The United Nations will manage the funds in New York and ensure they are allocated as agreed. It’s time to get that money,” said people involved in the negotiation. State and Treasury Departments are involved in the asset release. UN Secretary General António Guterres expressed concern about a potential legal logjam that would prevent the release of these assets, but the United States said it would offer them special diplomatic protection. The Bank of England currently holds 31 tons of Venezuela’s gold, and the United States also holds substantial assets belonging to the Central Bank of Venezuela. Some creditors are targeting frozen assets held abroad to recover debts owed by the government and PDVSA, the state-owned oil company. The primary obstacle to accessing the assets was Venezuela’s substantial foreign debt, amounting to billions of dollars in commercial loans and arbitration awards. Venezuelan opposition parties are expected to unite behind a single candidate. This move could also advance the talks in Mexico so that a specific date for the elections is set. By allocating the unfrozen funds to schools, hospitals and public services, the regime aims to polish its image prior to the 2024 elections. President Nicolás Maduro’s regime prioritized the release of these assets because the promised economic recovery proved to be a mirage for most of Venezuela. “The money will soon be available,” our sources said. The United Nations expressed concerns about possible legal claims from the government’s creditors, but in May, the United States assured that it would protect the assets from such claims. ![]() The release of the funds was agreed upon in November 2022 during ongoing talks in Mexico between Venezuela’s ruling party and opposition leaders. The United Nations (UN) will manage these assets, which will be used for public works and health projects. Sources familiar with the negotiations informed EL PAÍS that $3 billion worth of frozen Venezuelan assets will be released in the coming weeks. ![]()
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