During the early years of Nicolás Maduro’s presidency, Venezuela quietly shipped approximately 113 metric tons of gold, worth about $5.2 billion, to Switzerland, according to a Reuters report published Wednesday.
Customs records indicate that between 2013—the year Maduro took office—and 2016, Venezuela exported large quantities of gold to the European nation. The transfers came as Venezuela faced mounting economic pressure and increasingly relied on gold reserves to generate foreign currency.
Much of the gold reportedly came from Venezuela’s central bank and was likely sent to Switzerland for refining, certification, and eventual resale. Switzerland is home to several major gold refineries and is a global hub for bullion processing.
The flow of gold stopped after 2016, with no recorded shipments to Switzerland between 2017 and 2025. This halt coincided with European Union sanctions on Venezuelan officials over human rights and democracy concerns—measures later adopted by Switzerland, though they did not explicitly ban Venezuelan gold imports.
The recent capture of Maduro in Caracas by U.S. special forces has brought renewed attention to his administration's financial dealings. Swiss authorities have since ordered a freeze on assets held by Maduro and 36 associates in the country, though it remains unclear whether these funds are linked to earlier gold sales.
Market analysts describe Venezuela's gold sales during 2012–2016 as “distress selling,” driven by economic necessity rather than long-term strategy. By the time sanctions intensified, analysts suggest, Venezuela’s central bank may have already depleted one of its last remaining liquid assets.
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