Phoenix 24
The disaster has reopened the debate over sanctions.
CARACAS, VENEZUELA — July 2026. Venezuela has asked foreign governments to release state assets frozen abroad to finance reconstruction after the devastating earthquakes of June 24. Foreign Minister Iván Gil presented the request during talks with the United Nations humanitarian coordination office. Caracas argues that sanctions are restricting access to resources urgently needed for housing, hospitals and essential infrastructure.
The two earthquakes, measuring magnitudes 7.2 and 7.5, caused their greatest destruction in the coastal state of La Guaira. Official figures place the death toll at 3,685, with nearly 17,000 people injured and thousands still without permanent shelter. Rescue teams and relatives continue searching through collapsed buildings for missing people.
The United Nations has requested $296 million to provide emergency assistance to 1.3 million people over the next six months. International donors have already pledged approximately $300 million, although humanitarian officials warn that a major financing gap remains. Emergency aid will cover immediate needs, but the wider reconstruction will require substantially greater resources.
Venezuelan authorities specifically referred to gold reserves retained in the United Kingdom and assets frozen by the United States. More than 100 economists and academics have also urged Washington to ease sanctions and allow Venezuela access to nearly $5 billion in International Monetary Fund reserve assets. They argue that financial restrictions are obstructing the humanitarian response and delaying reconstruction.
Any release of funds would likely intensify demands for transparency, international supervision and guarantees that the resources reach affected communities. Venezuela now faces the challenge of rebuilding devastated regions while navigating sanctions, restricted financing and prolonged economic fragility. The outcome will depend on whether humanitarian urgency can overcome years of diplomatic confrontation.
Frozen wealth has become central to Venezuela’s struggle to rebuild.