Between 2012 and 2016, large quantities of gold were shipped from Venezuela to Switzerland, Swiss public broadcaster SRF reports, following the arrest of Venezuelan President Nicolás Maduro by the United States. The transfers can be traced through Swiss customs data.
During this period, Venezuela exported 127 tonnes of gold to Switzerland, worth almost CHF4.7 billion ($5.93 billion) at the time. “It is one of the most remarkable gold shipments of recent decades,” Swiss public broadcaster SRF writes, noting that Caracas sought to move part of its reserves abroad. No Venezuelan gold has entered Switzerland since 2017.
Switzerland serves as a global hub for gold trading, SRF adds. The metal was refined in Switzerland and then re-exported, including to the United Kingdom and Turkey. At the time, the imports did not breach any international sanctions.
Facing mounting financial pressure, the Maduro government used gold sales and collateralised loans in an effort to stave off default. Venezuela has been unable to service its debts since 2017. On Thursday, the Swiss government decided, as a precaution, to freeze any assets held in Switzerland by Nicolás Maduro, who was arrested by US authorities.