Switzerland wastes no time and freezes Maduro’s assets after US kidnapping

A Switzerland ordered the freezing of all assets held in the country by the Venezuelan president Nicolas Maduro and by 36 people linked to him, announced the Federal Council of Switzerland this Monday (5). The measure, taken in the context of Maduro’s arrest by United States forces and his transfer to New York, will be valid for four years and came into force immediately, according to an official Swiss statement.

The Swiss government did not provide information about the value or origin of frozen assetsnor confirmed whether these goods actually exist in the country. According to authorities, the decision is a precautionary measure designed to prevent potentially illicit funds from being transferred outside of Switzerland.

According to the note published by the official Swiss government portal, if future legal proceedings reveal that the resources were acquired illicitlySwitzerland will strive to ensure that they benefit the Venezuelan people.

The freezing order was adopted under Swiss legislation dealing with the retention and possible restitution of assets obtained illegally by politically exposed persons. The measure complements the sanctions that Bern has already applied to Venezuela since 2018, under the Embargo Actbut this is the first time that Maduro and his associates have been directly targeted by this type of blockade in Switzerland.

The freezing does not affect members of the current Venezuelan government that are not included in the list of 37 targets, highlighted the Swiss Foreign Ministry. Authorities also emphasized that they are closely monitoring the political and economic situation in Venezuela, which they described as volatile and unpredictableand who have called for de-escalation and respect for international law in the regional conflict.

International context and asset movement

Trade data reports indicate that during the first years of Maduro’s government, Venezuela exported to Switzerland around 113 tons of goldvalued at approximately 4.14 billion Swiss francs – nearly US$5.2 billion — between 2013 and 2016, according to information based on data from the press and international agencies. These shipments ceased after the imposition of European Union sanctions in 2017.

The decision to freeze assets comes amid an international crisis involving Venezuela, with growing economic pressures, multilateralized sanctions and diplomatic disputes intensified following actions by external actors.

Maduro’s arrest and repercussions

The Swiss measure was announced just days after a United States military operation in Caracas, carried out on January 3, in which Maduro and his wife, Cilia Floreswere detained by US forces and taken to New York to face charges that include narco-terrorism and other crimes, according to statements by the US president Donald Trump. The Venezuelan government and international allies described the action as a violation of international law.

The diplomatic situation surrounding Venezuela continues to evolve, with Switzerland and other European countries adopting precautionary measures to deal with potential illicit assets related to the current Venezuelan government, while the case in the United States continues to work its way through the judicial system.