Maduro Regime Unlawfully Sent Tons Of Gold To Turkey, Iran, Russia Over The Years: Report

Venezuela's gold reserves plummeted over the past years, now standing at barely 53 despite continued mining in the country's mineral-rich region, according to a new report.

Much of the gold was sent to Turkey, Iran, Russia and the United Arab Emirates, and was reportedly used to finance imports or avoid international sanctions, Spanish outlet El Pais detailed.

The report detailed that relations between Caracas and Ankara deepened after 2016, as tensions with the United States and Venezuela's economic collapse encouraged closer cooperation between the two.

That same year a direct flight route between Caracas and Istanbul was launched by Turkish Airlines. Even though passenger traffic was limited, several sources told the outlet that gold was transported on those flights, as well as on private ones.

The Venezuelan regime opened the Orinoco Mining Arc to exploitation to offset the collapse of oil revenue, prompting thousands of people to extract the mineral in harsh conditions. However, different organizations estimate that less than a third made it to official reserves, with the rest believed to have been sent elsewhere through smuggling or irregular exports.

International trade data seen by El Pais show that in 2018 Venezuela exported 23.6 tons of gold to Turkey and another 45 tons to the United Arab Emirates. The following year, shipments were also recorded to Uganda, from where part of the metal was redirected to Turkey, the outlet said.

Moreover, exports began dropping sharply in 2020, but reserves continued to fall, suggesting more irregular exports. Other routes reportedly included exchanges with Iran. In April 2020, according to Bloomberg, nine tons of Venezuelan gold were sent to that country in exchange for fuel.

Venezuela also received basic goods in exchange for the gold, including powdered milk, pasta, rice, oil and other products destined for the government's food distribution programs known as CLAP.

In recent years, however, the network has begun to unravel. Alex Saab, a key ally of Maduro and component of the scheme, was was arrested in 2020 in Cape Verde, extradited to the United States and later returned to Venezuela in a 2023 prisoner exchange, after which he was appointed industry minister.

However, after the capture of Maduro in early January, he was removed from his post. The country's new interim president, Delcy Rodriguez, is now working closely with the Trump administration. Earlier this month, Venezuela's state-owned mining company signed a deal to supply as much as 1,000 kilograms of gold destined for U.S. refineries.