Venezuela's government and an opposition faction are nearing an agreement to move about $4 billion of gold reserves from the Bank of England to the United States, where access to the funds would be controlled under a proposed oversight framework. Seven people familiar with the talks told Reuters that roughly 31 metric tons of bullion could be transferred to the Federal Reserve Bank of New York, while another source said the U.S. Treasury would administer the assets. The plan would give the acting government led by Delcy Rodriguez legal control of the gold but prevent an immediate sale, allowing it instead to support borrowing including for reconstruction after Venezuela's June earthquakes. Opposition representatives have sought a transparency protocol, U.S. oversight and project-by-project approval of spending, and have withdrawn a British court case brought by an opposition-led central bank board. The Bank of England said it requires a further court order identifying the account's legal authority before it can act. The dispute began in 2019 after Britain backed Juan Guaido rather than Nicolas Maduro, whose election victory had been described as rigged. Venezuela's inflation exceeded 530% in the 12 months through August, increasing pressure to unlock the reserves.