Zurich (Web News) – Venezuela transported gold worth nearly 4.14 billion Swiss francs ($5.20 billion) to Switzerland during the early years of former President Nicolas Maduro’s leadership, according to customs data reviewed by Reuters.
Between 2013, when Maduro took office, and 2016, the South American nation exported 113 metric tons of gold to Switzerland. Swiss broadcaster SRF reported that the gold originated from Venezuela’s central bank and was sold as the government sought to support the struggling economy.
Customs data showed no gold exports from Venezuela to Switzerland between 2017 and 2025, coinciding with the imposition of European Union sanctions on Venezuelan officials. Switzerland adopted the EU sanctions in early 2018.
Maduro was seized by U.S. special forces in a raid in Caracas on January 3 and now 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 disclose the value or origin of the funds. It remains unclear whether any frozen assets are linked to gold transferred from Venezuela’s central bank.
According to SRF, the gold was likely shipped to Switzerland for processing, certification and onward transport. Switzerland is one of the world’s largest gold refining hubs, hosting five major refineries.
Venezuela’s central bank sold large portions of its gold reserves between 2012 and 2016 to raise hard currency amid economic collapse and U.S. sanctions.
“There was significant distress selling by the Venezuelan central bank during that period, and much of it likely came to Switzerland,” said Rhona O’Connell, a market analyst at StoneX. “After that, the gold could have remained with financial counterparties or been sold in smaller bars to Asia or elsewhere.”
O’Connell added that exports dropped sharply after 2016 largely because Venezuela’s central bank had depleted much of its gold reserves. While EU sanctions targeted individuals accused of human rights violations and undermining democracy, they did not include a blanket ban on Swiss gold imports from Venezuela.
