Under Maduro, Venezuela shipped more than $5 billion worth of gold to Switzerland, according to customs data
Customs data shows that between 2013 and 2016, Venezuela shipped more than $5.20 billion worth of gold to Switzerland.
Customs data shows that between 2013 and 2016, Venezuela exported gold to Switzerland valued at around 4.14 billion Swiss francs, or roughly $5.20 billion. The Central Bank of Venezuela exported 113 metric tons of gold in the first few years of Nicolás Maduro’s presidency in an effort to support the faltering economy.
According to Swiss broadcaster SRF, the gold—which was taken from Venezuela’s official reserves—was probably transported to Switzerland for certification, processing, and subsequent sale. Switzerland is home to five sizable refineries and is a significant global center for the refining of gold. Amidst dwindling oil revenue and US sanctions, Venezuela’s economy was under increasing strain, and the government raised hard currency by selling off its precious metal holdings.
Exports of gold to Switzerland stopped after 2016, according to customs statistics, and there were no shipments from 2017 until 2025, when European Union sanctions against Venezuelan officials were put in place. Early in 2018, Switzerland imposed these measures, however they did not completely prohibit the import of gold from Venezuela. According to analysts cited by Reuters, Venezuela’s declining gold reserves may have contributed to the decline in exports.
The disclosures follow the freezing of assets held in Switzerland by Maduro and 36 allies after he was arrested by US agents on January 3 on suspicion of narcotics trafficking and narcoterrorism. It is yet unknown if the frozen assets are connected to the previous gold transfers, and Swiss officials did not reveal the assets’ provenance or value.
The transfers demonstrate how Venezuela’s central bank used its gold reserves during a time of extreme economic hardship, with a large portion of the metal passing through Switzerland’s financial and refining networks prior to the implementation of sanctions.
