Why did Maduro move $5.2 billion worth of gold to Switzerland?
Venezuela shipped 113 metric tons of gold worth $5.2 billion to Switzerland between 2013 and 2016 to support its economy. Exports stopped after 2017 following the imposition of international sanctions.
Massive Gold Transfer to Switzerland
Venezuela transported 113 metric tons of gold to Switzerland during the early years of Nicolás Maduro's leadership. Customs data indicates the total value of these shipments reached approximately $5.20 billion or 4.14 billion Swiss francs.
Economic Distress and Hard Currency
The Central Bank of Venezuela moved the gold to raise hard currency amid a deepening economic crisis. Falling oil revenues and high inflation forced the government to sell reserves to support the national economy.
Why Switzerland Was Chosen
Switzerland is a global centre for gold refining, hosting five of the world's largest refineries. The precious metal was likely sent there for processing, certification, and onward transport to global markets.
Years of Peak Shipments
The gold exports took place steadily between 2013, the year Maduro took office, and 2016. Data reviewed by Reuters shows that no gold exports from Venezuela were recorded after 2016.
Impact of International Sanctions
Shipments to Switzerland stopped in 2017 after the European Union imposed sanctions on various Venezuelan individuals. Switzerland subsequently adopted these sanctions in early 2018, complicating further trade between the two nations.
Dwindling National Gold Reserves
Analysts suggest that the halt in exports was also caused by Venezuela's central bank simply running out of gold. The bank reduced its gold reserves by more than half during this period of intense selling.
Recent Asset Freezes in 2026
Following the capture of Maduro in January 2026, Switzerland ordered the freezing of assets held by him and 36 associates. Authorities aim to prevent any illicitly acquired funds from being transferred out of the country amid the current instability.
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