Background on Nicolás Maduro and His Relevance
Nicolás Maduro, the former president of Venezuela, served from 2013 until his ousting. His presidency was marked by economic turmoil, and he faced accusations of narcotrafficking and narcoterrorism, leading to his arrest by U.S. special forces in January 2023.
Gold Shipments to Switzerland
According to customs data, Venezuela transported approximately 4,140 million Swiss francs (around $5.2 billion) worth of gold to Switzerland during Maduro’s initial years in office, from 2013 to 2016. The metal was sourced from Venezuela’s central bank, as reported by Swiss broadcaster SRF.
Timeline of Gold Shipments
- 2013-2016: Venezuela shipped 113 metric tons of gold to Switzerland.
- 2017-2025: No gold exports from Venezuela to Switzerland occurred due to EU sanctions imposed after human rights violations and democratic undermining accusations.
Switzerland’s Role in Gold Refining
Switzerland is a global hub for gold refining, with five major refineries in the country. The gold transferred from Venezuela’s central bank was likely sent for processing, certification, and eventual transport.
Impact of Sanctions on Gold Exports
In 2017, the European Union sanctioned several Venezuelan individuals accused of human rights violations and democratic undermining, causing a halt in gold exports to Switzerland. These sanctions were adopted by Switzerland in early 2018.
The sanctions did not impose a general embargo on Swiss imports of Venezuelan gold.
Expert Insights on Gold Sales
“There were significant forced sales by Venezuela’s central bank between 2012 and 2016. Much of this gold likely ended up in Switzerland,” said Rhona O’Connell, a StoneX markets analyst.
“Afterward, it may have remained with financial counterparties or been sold as small bars to Asia or elsewhere in the world.”
Key Questions and Answers
- Q: What was the purpose of shipping gold to Switzerland? A: The gold was likely transferred for processing, certification, and eventual transport.
- Q: When did the gold shipments stop? A: Gold exports from Venezuela to Switzerland ceased in 2017 due to EU sanctions.
- Q: How did the sanctions affect gold trade? A: The sanctions did not impose a general embargo on Swiss imports of Venezuelan gold.
- Q: What is Switzerland’s significance in the global gold market? A: Switzerland is a major hub for gold refining, with five large refineries in the country.
