07.01.2026 14:00
A striking detail has emerged regarding the years when the economic collapse deepened in Venezuela. Venezuelan President Nicolas Maduro, who is being tried in the United States, transported 113 tons of gold from the country's reserves to Switzerland between 2013 and 2016 during the first term of his presidency. However, this shipping route was completely shut down with the implementation of EU sanctions in 2017.
A new detail has emerged regarding the years when the economic crisis deepened in Venezuela. According to official records, a significant portion of the gold reserves belonging to the Central Bank of Venezuela was transferred to Switzerland during the first term of Nicolas Maduro's rule. It was reported that a total of 113 tons of gold was taken out of the country between 2013 and 2016.
TOTAL VALUE OF 5.2 BILLION DOLLARS
According to customs data obtained by Reuters and research by the Swiss media organization SRF, the total value of these shipments reached 4.14 billion Swiss francs (approximately 5.2 billion dollars). This data led to comments that the Maduro administration was turning to cashing in gold reserves to overcome the economic bottleneck.
Experts say that the Central Bank of Venezuela faced a serious foreign exchange shortage, especially after the sharp decline in oil revenues and U.S. sanctions. During this process, the gold was sent to refineries in Switzerland for processing, certifying, and making it easier to sell.
SWITZERLAND BECAME THE MAIN ROUTE FOR VENEZUELAN GOLD
Switzerland became the main route for Venezuelan gold during this period as one of the world's largest gold processing centers. However, it was reported that this channel closed with the implementation of European Union sanctions in 2017, and there were no shipments to Switzerland recorded in customs records between 2017 and 2025.
Information regarding gold shipments came back to the agenda after Maduro was kidnapped by the U.S. It was noted that the Swiss Federal Council announced on January 5, 2026, that the assets of Maduro and 36 of his associates were frozen, while officials stated that the frozen assets had not yet been proven to be directly linked to the gold sent in the past. Nevertheless, it was reported that the Swiss administration pointed out that funds identified as illegal could be returned to the people of Venezuela in the future.
StoneX market analyst Rhona O'Connell stated that the Central Bank of Venezuela entered a "forced sale" process during the 2012-2016 period, saying that the shipment of gold to Switzerland was not surprising. According to O'Connell, while some of these assets remained with financial institutions, some were directed to the Asian market in small bars.