Nicolás Maduro and Gold
A latest customs data has revealed that Venezuela transported gold worth over $5.20 billion to Switzerland between 2013 and 2016.
Switzerland is a major global hub for gold refining, hosting five large refineries.
The data shows that Venezuela shipped gold worth nearly 4.14 billion Swiss francs (about $5.20 billion) to Switzerland between 2013 and 2016.
The exports — totaling 113 metric tons of gold from the Central Bank of Venezuela — took place during the early years of Nicolás Maduro’s presidency as the government sought to bolster its struggling economy.
Swiss broadcaster SRF reported that the gold, drawn from Venezuela’s official reserves, was likely sent to Switzerland for processing, certification and onward sale.
Customs data show that gold exports to Switzerland ceased after 2016, with no shipments recorded from 2017 — when European Union sanctions targeting Venezuelan officials were imposed — through 2025.
Analysts cited by Reuters suggest the fall in exports may also have reflected a depletion of Venezuela’s gold reserves.
The information became pertinent as Switzerland has frozen assets held in the country by Maduro and 36 associates following his detention by US forces on January 3, on drug trafficking and narco-terrorism charges.
However, Swiss authorities did not disclose the value or origins of the frozen assets, and it remains unclear whether they are tied to the earlier gold transfers.
The transfers highlight shows that Venezuela’s central bank used its gold holdings during a period of severe economic distress, with much of the metal moving through Switzerland’s refining and financial networks before sanctions took effect.
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