Venezuela exported gold worth nearly 4.14 billion Swiss francs ($5.2 billion) to Switzerland during the first three years of former President Nicolas Maduro’s leadership, newly reviewed customs data has revealed. The precious metal shipments took place between 2013 and 2016, according to information examined by Reuters.
In total, Venezuela sent 113 metric tons of gold to Switzerland during that period. Swiss broadcaster SRF reported that the gold originated from Venezuela’s central bank reserves, at a time when the Maduro administration was heavily relying on gold sales to stabilize the struggling economy and secure hard currency amid deepening financial turmoil.
Customs records confirm that Venezuela halted all gold exports to Switzerland between 2017 and 2025, following the imposition of European Union sanctions against Venezuelan officials accused of corruption, human rights abuses, and undermining democracy. Switzerland formally adopted these sanctions in early 2018.
Despite the halt in exports, Switzerland—one of the world’s largest global gold refining hubs—remains a key player in processing and certifying international gold supplies. The country hosts five major gold refineries, making it a central destination for gold intended for reprocessing or onward international transport.
The latest revelations come shortly after Maduro was captured by US special forces in Caracas on January 3. The ousted leader now faces serious charges in a New York court, including drug trafficking and narco-terrorism.
On Monday, Switzerland announced the freezing of assets belonging to Maduro and 36 associates, although authorities provided no details regarding the value or origin of those holdings. It remains unclear whether any of these frozen assets are connected to the gold shipments from Venezuela’s central bank.
Experts believe the gold transferred between 2012 and 2016 represented part of an intense “distress selling” phase, as Venezuela’s economy spiraled under international pressure and sanctions.
“There was big distress selling by the Venezuelan central bank from 2012 to 2016. A lot of this will have come to Switzerland,” said Rhona O’Connell, a markets analyst at StoneX.
O’Connell added that after processing, the gold could have remained with financial sector counterparties or been redistributed globally, including to Asia.
Analysts also suggest that one key reason exports to Switzerland dropped to zero after 2017 may simply be that Venezuela’s central bank reserves were largely depleted.
Although sanctions did not impose a full Swiss embargo on Venezuelan gold imports, diminishing reserves and international financial isolation significantly restricted Venezuela’s ability to continue large-scale gold transactions.