New customs data shows Venezuela transported gold worth nearly 4.14 billion Swiss francs (about $5.2 billion) to Switzerland between 2013 and 2016, during the early years of Nicolás Maduro’s presidency. The gold — 113 metric tonnes — came from the Central Bank of Venezuela and was exported at a time when the country faced severe economic distress and declining oil revenues. The precious metal was likely sent to Switzerland, a major global hub for gold refining, for processing and certification before onward sale.
Exports to Switzerland ceased after 2016, following the imposition of European Union sanctions on Venezuelan officials that were adopted by Switzerland in 2018, though these sanctions did not include a full ban on Venezuelan gold imports. Customs data show there were no gold shipments from 2017 through 2025.
The transfers highlight how Venezuela’s government relied on gold reserves to raise hard currency amid sanctions and economic strain. Recently, Swiss authorities froze assets belonging to Maduro and 36 associates following his capture by U.S. forces, though it is unclear if these include proceeds from the earlier gold transfers.
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