By Micah Jonah
January 7, 2026
Venezuela transported gold worth nearly 4.14 billion Swiss francs ($5.2 billion) to Switzerland during the early years of Nicolas Maduro’s leadership, customs data show.
The South American country sent 113 metric tons of gold to Switzerland between 2013, when Maduro took office, and 2016. The gold came from Venezuela’s central bank at a time when the government was selling reserves to support the economy.
There were no gold exports from Venezuela to Switzerland from 2017, following the imposition of European Union sanctions, until 2025, customs data show.
Maduro was captured by U.S. special forces in a raid in Caracas on January 3 and faces charges in New York, including drug trafficking and narco-terrorism. On Monday, Switzerland ordered the freezing of assets held in the country by Maduro and 36 associates without specifying the value or source of the funds. It is unclear whether the frozen assets are linked to the gold transferred from the central bank.
The gold was likely transferred to Switzerland for processing, certification, and onward transport. Switzerland is one of the world’s largest centers for gold refining, hosts five major refineries.
The central bank of Venezuela sold gold reserves to raise hard currency to support the economy amid sanctions. Exports dropped to zero after 2016 as reserves diminished and sanctions were imposed.
