Venezuela and Britain plan ambassador-level ties

Britain said on Tuesday that it was upgrading diplomatic relations with Venezuela, paving the way for the appointment of an ambassador in Caracas.

Chris Elmore, Britain's minister for Latin America, said in a parliamentary statement that the UK and Venezuela had agreed their intention to upgrade representation to ambassador level.

Elmore said recent events in Venezuela had created an important opportunity for democracy. He said Britain supported US-backed transition talks between Venezuela's interim government and parts of the opposition, and considered pragmatic engagement necessary to help advance a credible transition and encourage further reforms.

Venezuela's government also announced improved relations with Britain. Oliver Blanco, Venezuela's deputy foreign minister for North America and Europe, welcomed the decision and the chance to recover what he called resources that rightfully belong to Venezuelans.

The announcement comes as Venezuelan parties negotiate the recovery of gold reserves frozen in the Bank of England. The reserves were withheld when Nicolas Maduro was in power after opposition figure Juan Guaido asked London to hold them.

In August, transition talks agreed to work toward securing the release of the reserves, worth $1.9 billion. Delegates say they plan to use the money to aid victims of the June 24 earthquakes, which killed more than 6,500 people.