From 2013, when Maduro took office, until 2016, the South American nation shipped 113 metric tons of this precious metal to Switzerland, according to data examined by Reuters.
This gold was sourced from Venezuela’s central bank, as reported by Swiss broadcaster SRF, during a period when the government was liquidating gold to bolster its economy.
Between 2017, when EU sanctions were enacted, and 2025, there were no gold exports from Venezuela to Switzerland, customs data reveals.
On January 3, US special forces apprehended Maduro in a raid in Caracas. He faces charges in a New York court related to drug trafficking and narco-terrorism.
On Monday, Switzerland mandated the freezing of assets held within the country by Maduro and 36 associates, although no details regarding the value or sources of those funds were disclosed.
It remains unclear whether any of these assets are connected to gold transferred from the central bank.
According to SRF, the gold from Venezuela’s reserves was likely moved to Switzerland for processing, certification, and further transport.
Switzerland stands as one of the largest global hubs for gold refining, hosting five significant refineries.
In light of US sanctions, the central bank of Venezuela has reduced its gold reserves to aid the national economy and secure hard currency.
“There was significant distress selling by the Venezuelan central bank from 2012 to 2016. Much of this likely ended up in Switzerland,” stated Rhona O’Connell, a markets analyst at StoneX.
“After that, it may have remained with financial sector counterparties or been sold as smaller bars to Asia or elsewhere worldwide.”
The gold shipments to Switzerland ceased in 2017 as the European Union sanctioned various Venezuelan figures accused of human rights abuses and undermining democracy. Switzerland adopted these EU sanctions in early 2018.
However, the sanctions did not impose a general Swiss embargo on gold imports from Venezuela.
“A significant decline in exports likely occurred afterward because the Venezuelan central bank simply ran out of gold,” noted StoneX’s O’Connell.
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