NewsGlobalVenezuela Exported $5.2 Billion Worth of Gold to Switzerland During Maduro's Early LeadershipVenezuela Exported $5.2 Billion Worth of Gold to Switzerland During Maduro's Early Leadership
Venezuela exported $5.20 billion worth of gold to Switzerland between 2013-2016 under Maduro's leadership, totaling 113 metric tons from central bank reserves. The exports ceased completely from 2017 following EU sanctions, which Switzerland adopted in 2018. Recent developments include Maduro's capture by US forces and Switzerland's freezing of assets belonging to Maduro and 36 associates.
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Venezuela transported gold worth $5.20 billion to Switzerland during the early years of Nicolas Maduro's leadership, according to customs data that reveals significant precious metal exports from the South American nation's central bank reserves.
Gold Export Details
The substantial precious metal transfers occurred between 2013, when Maduro took office, and 2016, totaling 113 metric tons of gold shipped to Switzerland. Swiss broadcaster SRF reported that the gold originated from Venezuela's central bank during a period when the government was actively selling gold reserves to support its struggling economy.
| Parameter: | Details |
|---|---|
| Total Value: | $5.20 billion (4.14 billion Swiss francs) |
| Volume: | 113 metric tons |
| Time Period: | 2013-2016 |
| Source: | Venezuela's central bank reserves |
Impact of International Sanctions
The gold export flow came to an abrupt halt following the implementation of international sanctions. Customs data shows zero gold exports from Venezuela to Switzerland from 2017 through 2025, coinciding with EU sanctions imposed in 2017. Switzerland subsequently adopted these EU sanctions in early 2018, targeting various Venezuelan individuals accused of human rights violations or undermining democracy.
Rhona O'Connell, a markets analyst at StoneX, explained the context: "There was big distress selling by the Venezuelan central bank from 2012 to 2016. A lot of this will have come to Switzerland. Thereafter it could have stayed with counterparties in the financial sector, or sold as small bars to Asia, or anywhere in the world."
Switzerland's Role in Global Gold Trade
Switzerland serves as one of the world's largest centers for gold refining, hosting five major refineries. According to SRF's reporting, the Venezuelan gold was likely transferred to Switzerland for:
- Processing and certification
- Refining operations
- Onward transportation to global markets
The Swiss financial system's infrastructure made it an attractive destination for Venezuela's central bank seeking to convert gold reserves into hard currency amid increasing economic pressure and US sanctions.
Recent Developments
Maduro was captured by US special forces in a raid in Caracas on January 3 and faces charges in a New York court including drug trafficking and narco-terrorism. On Monday, Switzerland ordered the freezing of assets held in the country by Maduro and 36 associates, though authorities did not provide information about the possible value or source of such funds. It remains unknown whether any connection exists between these frozen assets and the gold transferred from Venezuela's central bank during the 2013-2016 period.
O'Connell noted that the cessation of gold exports after 2016 likely occurred because "the Venezuelan central bank simply ran out of gold" following years of distress selling to support the country's economy.
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