Venezuela shipped gold worth nearly 4.14 billion Swiss francs (about $5.20 billion) to Switzerland between 2013 and 2016, according to customs data. The exports — totaling 113 metric tons of gold from the Central Bank of Venezuela — took place during the early years of Nicolás Maduro’s presidency as the government sought to bolster its struggling economy.
Swiss broadcaster SRF reported that the gold, drawn from Venezuela’s official reserves, was likely sent to Switzerland for processing, certification and onward sale. Switzerland is a major global hub for gold refining, hosting five large refineries. During this period, Venezuela faced mounting economic pressure, and the government sold down precious metal reserves to raise hard currency amid declining oil revenue and US sanctions.
Customs data show that gold exports to Switzerland ceased after 2016, with no shipments recorded from 2017 — when European Union sanctions targeting Venezuelan officials were imposed — through 2025. Switzerland adopted these sanctions in early 2018, though they did not include a full ban on Venezuelan gold imports. Analysts cited by Reuters suggest the fall in exports may also have reflected a depletion of Venezuela’s gold reserves.
The revelations come as Switzerland has frozen assets held in the country by Maduro and 36 associates following his detention by US forces on January 3, on drug trafficking and narco-terrorism charges. Swiss authorities did not disclose the value or origins of the frozen assets, and it remains unclear whether they are tied to the earlier gold transfers.
The transfers highlight how Venezuela’s central bank used its gold holdings during a period of severe economic distress, with much of the metal moving through Switzerland’s refining and financial networks before sanctions took effect.
Melissa Enoch
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