Venezuela sent US$5.2 billion in gold to Switzerland during Maduro’s government

Venezuela transported gold valued at nearly 4.14 billion Swiss francs ($5.20 billion) to Switzerland during the early years of ousted President Nicolás Maduro’s rule, customs data shows. The South American country sent 113 metric tons of the precious metal to Switzerland between 2013 — when Maduro took office — and 2016, according to data analyzed by Reuters. 📱Download the g1 app to see news in real time and for free Gold originated in the Central Bank of Venezuela, reported Swiss broadcaster SRF, at a time when the government was reducing its gold reserves to support the economy. There were no exports of Venezuelan gold to Switzerland from 2017, when European Union sanctions were imposed, until 2025, according to customs data. See the videos trending on g1: See the videos trending on g1 Maduro was arrested by US special forces in an operation in Caracas on January 3 and faces charges in a New York court, including drug trafficking and narco-terrorism. On Monday (5), Switzerland ordered the freezing of assets held in the country by Maduro and 36 associates, but did not provide information on the possible value or origin of these resources. It is not known whether there is any link between these assets and the gold transferred from the central bank. The gold, coming from Venezuela’s reserves, was likely transferred to Switzerland for processing, certification and subsequent transport, the SRF said. Switzerland is one of the world’s largest gold refining centers, home to five large refineries. Trump backtracks on accusation that Maduro headed cartel Reduction in reserves The Central Bank of Venezuela reduced its gold reserves to support the country’s economy and obtain strong currency in the face of US sanctions. “There was a large forced sale by the Central Bank of Venezuela between 2012 and 2016. Much of this must have reached Switzerland,” said Rhona O’Connell, markets analyst at StoneX. “After that, the gold may have remained with counterparties in the financial sector or been sold in small bars to Asia or elsewhere in the world.” Gold exports to Switzerland fell to zero in 2017 when the European Union sanctioned several Venezuelan individuals accused of human rights violations or undermining democracy. Switzerland adopted EU sanctions in early 2018. The sanctions did not include a general Swiss embargo on gold imports from Venezuela. “There was probably a sharp drop in exports after that because the Central Bank of Venezuela simply ran out of gold,” StoneX’s O’Connell said. Nicolás Maduro speaks during a demonstration in Venezuela Stringer/AFP

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