Venezuela's Secret Gold Pipeline to Switzerland

Venezuela exported gold worth $5.20 billion to Switzerland between 2013 and 2016 during Nicolas Maduro's presidency. This trade stopped in 2017 due to EU sanctions. Recent developments include Maduro's arrest and Switzerland freezing assets linked to him and his associates. The gold was primarily used to bolster Venezuela's economy under economic distress.

In the early years of Nicolas Maduro's presidency, Venezuela transported gold valued at nearly 4.14 billion Swiss francs ($5.20 billion) to Switzerland, according to customs data disclosed. This significant trade occurred from 2013 to 2016, a period when the country was liquidating its reserves to stabilize its waning economy.

The gold, sourced from Venezuela's central bank, was likely processed and certified in Switzerland, a global hub for gold refining. However, exports ceased in 2017 following the imposition of EU sanctions. Notably, Switzerland recently froze assets related to Maduro and 36 of his associates amid ongoing legal proceedings.

The strategic sale of gold was crucial for Venezuela's economic survival against U.S. sanctions, but shipments dwindled post-2016 as reserves diminished. Analysts suggest the gold may have been distributed to alternative markets, reflecting the nation's economic struggles amidst international pressure.

(With inputs from agencies.)