Venezuela Shipped Over 100 Tons of Gold to Switzerland
Venezuela transported 113 metric tons of gold to Switzerland between 2013 and 2016, according to customs data reviewed by Reuters. The gold, valued at approximately $5.20 billion, originated from Venezuela's central bank and was sold to support the country's economy.
The gold exports were made during the early years of President Nicolas Maduro's leadership, with Rhona O'Connell, a markets analyst at StoneX, describing it as "big distress selling" by the Venezuelan central bank. After the EU imposed sanctions on Venezuela in 2017, the gold exports to Switzerland ceased, with O'Connell attributing the drop-off to the central bank's depletion of gold reserves.
Recently, Maduro was seized by US special forces in a raid in Caracas and faces drug charges in a New York court. Following this, Switzerland ordered the freezing of assets held in the country by Maduro and 36 associates, although the value or source of these funds remains undisclosed.
The news highlights the complex relationship between Venezuela's economy and the global gold market, as well as the impact of international sanctions on the country's financial transactions.$
Venezuela transported 113 metric tons of gold to Switzerland between 2013 and 2016, according to customs data reviewed by Reuters. The gold, valued at approximately $5.20 billion, originated from Venezuela's central bank and was sold to support the country's economy.
The gold exports were made during the early years of President Nicolas Maduro's leadership, with Rhona O'Connell, a markets analyst at StoneX, describing it as "big distress selling" by the Venezuelan central bank. After the EU imposed sanctions on Venezuela in 2017, the gold exports to Switzerland ceased, with O'Connell attributing the drop-off to the central bank's depletion of gold reserves.
Recently, Maduro was seized by US special forces in a raid in Caracas and faces drug charges in a New York court. Following this, Switzerland ordered the freezing of assets held in the country by Maduro and 36 associates, although the value or source of these funds remains undisclosed.
The news highlights the complex relationship between Venezuela's economy and the global gold market, as well as the impact of international sanctions on the country's financial transactions.$