Venezuela exported 113 tons of gold to Switzerland to support its economy

Between 2013 and 2016, Venezuela exported 113 metric tons of gold to Switzerland, according to data analyzed by Reuters. The gold came from the central bank of Venezuela, which sold the precious metal to support its economy during a period of crisis. Exports ceased in 2017, when the European Union imposed sanctions, and were not resumed until 2025. Recently, Venezuelan President Nicolás Maduro was arrested in Caracas and is accused of drug trafficking and narcoterrorism in the U.S. Switzerland has frozen Maduro's assets and those of 36 associates, without providing details about their value. The exported gold was intended for processing, certification, and transport, with Switzerland being an important gold refining center. The central bank of Venezuela sold gold reserves to obtain hard currency in the context of the sanctions imposed by the U.S.