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Venezuela transported gold valued at around 5.2 billion dollars to Switzerland between 2013 and 2016, during the early years of Nicolás Maduro’s regime, according to Swiss customs data cited by the Reuters agency.
According to the information, the South American country sent about 113 metric tons of the precious metal from the Central Bank of Venezuela to Swiss territory. The gold was reportedly transported for processing, certification, and subsequent export, according to the Swiss public broadcaster SRF.
Reuters stated that there were no records of Venezuelan gold exports to Switzerland between 2017 and 2025, following the imposition of European Union sanctions and their adoption by Switzerland in 2018. However, Swiss authorities did not include a general embargo on gold in those sanctions.
The financial media cited market analyst Rhona O’Connell from StoneX, who explained that the Central Bank of Venezuela made "emergency sales" between 2012 and 2016 to obtain foreign currency amid the economic crisis. "There was probably a drastic decline in exports afterward because the central bank simply ran out of gold," she stated.
Switzerland freezes Maduro's assets following his capture
The Federal Council of Switzerland announced the immediate freezing of the financial assets of Nicolás Maduro and 36 individuals in his circle, following his capture by U.S. forces on January 3 in Caracas.
Swiss authorities explained that the measure aims to "prevent the outflow of funds that may have been obtained illegally" and that, if it is proven that they were acquired unlawfully, Switzerland will ensure that they "benefit the Venezuelan people."
The decision is based on the Federal Law on the Freezing and Restitution of Illicit Assets of Politically Exposed Persons (FIAA), which allows for the preventive blocking of assets belonging to former officials investigated for corruption or abuse of power.
Maduro declares himself innocent in New York
The former Venezuelan president appeared before a federal court in New York, where he pleaded not guilty to charges of narco-terrorism and cocaine trafficking. “I am a decent man, I continue to be the president of my country,” Maduro said during the hearing, according to the agency EFE.
Maduro and his wife, Cilia Flores, were presented before Judge Alvin Hellerstein of the Southern District of New York, charged with conspiracy for narco-terrorism, cocaine trafficking, and possession of war weapons. Both denied the charges and will remain in custody while the judicial process moves forward, with the next hearing scheduled for March 17.
He could face the death penalty in the U.S.
According to the New York Post, Maduro could face the death penalty if found guilty of narcoterrorism offenses, as outlined in the United States Controlled Substances Act. Although this measure is uncommon, the legislation provides for capital punishment when links to international criminal or terrorist organizations are proven.
U.S. Attorney General Pam Bondi stated that Maduro and his wife "will face the full force of American justice," without specifying what kind of sentence the Department of Justice will seek.
The case sets a new precedent in Washington's foreign policy toward Latin America and could open an unprecedented judicial phase for a former president accused of leading a state structure linked to drug trafficking.
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