Who gains from saving nature
Ledger 1 : 33 — For each dollar financing nature-based solutions in 2023, about $33 financed activities harmful to nature. (UNEP)
Cases / Mining · Venezuela · 2018–2026

Venezuelan gold exports to Turkey and the UAE and US sanctions on Minerven and the Central Bank

Nature's voice · report
The US Treasury stated in March 2019 that mining operations were encroaching on my protected areas, causing deforestation and habitat loss.
Did nature suffer? Yes. Harm is on record.
Recorded
What the record lacks: 3 none on record · 2 not disclosed · 1 self-reported only · 1 not measured · 4 disputed · 3 unclear See the gaps

The Central Bank of Venezuela sold tens of tonnes of gold to Turkish and Emirati buyers in 2018–2019. The US sanctioned the gold sector, Minerven and the bank in 2018–2019, and in March 2026 issued licences allowing Venezuelan gold into the United States.

US$779 millionVenezuelan gold exported to Turkey, January–May 2018 (TurkStat, via Reuters)
20.15 tonnes, against none in 2017. Other sources give different figures for 2018 (see disputes).

Status As of October 2026: OFAC General Licenses 51, 51A and 54 (March 2026) allow Venezuelan gold into the US under due-diligence reporting; the BCV and Minerven designations of 2019 are on record.

What?
The BCV sold tens of tonnes of gold to Turkish and Emirati buyers in 2018–2019; the US sanctioned Minerven and the BCV in 2019 and in March 2026 issued licences allowing Venezuelan gold into the United States. InSight Crime (Runrun.es)
Where?
Caracas (BCV), El Callao (Minerven), Istanbul (Turkey), the UAE, Uganda and Mali; US refiners from 2026. InSight Crime (Runrun.es)
When?
First BCV-to-Turkey figures January–May 2018; EO 13850 on 1 November 2018; designations in March and April 2019; GL 51 on 6 March 2026 and GL 51A and 54 on 27 March 2026. US Treasury, Office of Foreign Assets Control (OFAC)
Who?
Gained
  • Noor Capital, Sardes Kıymetli Madenler, Goetz Gold LLC — Bought 27.396 t, 23.994 t and 21.886 t of BCV gold in 2018 (leaked BCV documents) InSight Crime (Runrun.es)
  • Venezuelan state — Minerven's purchasing from miners has allowed the government to convert its depreciating currency into gold and other foreign currencies, according to the US Treasury US Department of the Treasury
Lost
Harmed
  • Protected areas and forests — US Treasury: mining operations encroaching on protected areas, causing deforestation and habitat loss; mercury used US Department of the Treasury
Why?
The Venezuelan Mining Minister said the gold went to Turkey over sanctions concerns; the US Treasury said the gold sector helped the government convert its currency into gold and foreign currencies. Hürriyet Daily News (Reuters)
How?
The BCV sold unrefined gold in shipments, 27 of 33 on Turkish Airlines; after the sanctions the BCV's role diminished and, since September 2020, private exporters are allowed. InSight Crime (Runrun.es)
6 of 6 questions answered from the record

What happened

The record, in order.

Turkish government statistics showed that Venezuela exported US$779 million of gold to Turkey in January–May 2018, 20.15 tonnes against none in 2017, all classed as non-standard unrefined gold; no equivalent gold was returned (Reuters, 20 July 2018). Venezuelan Mining Minister Víctor Cano said the gold went to Turkey rather than Switzerland over sanctions concerns and would return as BCV assets once refined and certified as monetary gold. Leaked BCV and customs documents published by Runrun.es and InSight Crime in March 2019 showed that the BCV sold 73.2 tons in 2018 to Noor Capital (UAE) 27.396 t, Sardes Kıymetli Madenler (Turkey) 23.994 t and Goetz Gold LLC (UAE-based) 21.886 t, in 33 shipments, about eight times the 8.65 t of internal production registered to May 2018; whether it came from reserves or from unreported Arc production is unknown.

Executive Order 13850 of 1 November 2018 authorised US sanctions on persons operating in the gold sector of the Venezuelan economy. On 19 March 2019 the US Treasury designated Minerven and its president, Adrián Antonio Perdomo Mata; on 17 April 2019 it designated the BCV and its director Iliana Josefa Ruzza Terán. Treasury said Minerven purchases gold from miners and melts it into bars, and that mining operations were encroaching on protected areas, causing deforestation and habitat loss, with mercury used in the process. After the sanctions the UN Fact-Finding Mission wrote that the BCV's role diminished, that available trade data showed no significant private gold exports since 2018, and that since September 2020 the BCV has allowed private exporters.

The UN Mission described Turkish joint ventures with entities it said were controlled by Alex Saab: MIBITURVEN (gold), CARBOTURVEN (coal) and MAVETUR (timber). Other claims about Venezuelan gold are attributed: Uganda police investigated a 7.4-ton import to the African Gold Refinery in March 2019 (Reuters, per InSight Crime); in 2020 opposition envoy Julio Borges alleged gold had been sent to Mali for refining and resold mainly in the UAE for at least €1 billion, which Reuters said it could not independently verify.

On 6 March 2026 OFAC issued General License 51, authorising transactions ordinarily incident and necessary to the exportation of Venezuelan-origin gold for importation into the United States and its refining there by an established US entity. On 27 March 2026 GL 51A extended this to all minerals including gold, and GL 54 authorised US goods and services for exploration, mining, extraction, processing, refining or production of minerals in Venezuela, excluding new joint ventures and payments in gold. GL 51 requires reports with supply chain due diligence plans to determine the chain of custody of the gold, and includes environmental due diligence and assessments among authorised activities.

  1. 2018Gold exports to Turkey (Jan–May: US$779m, 20.15 t); EO 13850 authorises sanctions on the gold sector (1 Nov)
  2. 2019Noor Capital buys 3 t from the BCV (21–26 Jan); OFAC designates Minerven (19 Mar) and the BCV (17 Apr); Uganda import investigated (Mar)
  3. 2020BCV allows private gold exporters (Sep); BCV seeks to sell gold worth US$1bn for UNDP COVID-19 response (reported 19 Jun); Borges alleges gold sent to Mali
  4. 2023Alex Saab released to Venezuela in a prisoner exchange before trial (20 Dec)
  5. 2026OFAC General License 51 (6 Mar); GL 51A and GL 54 (27 Mar)

What was said

Claims, in the words of those who made them.

“Mining operations are encroaching on protected areas, causing deforestation and habitat loss”

“There will be no doubt that 2019 will be the most productive year for relations between Turkey and Venezuela”

Tareck El Aissami, Venezuelan Vice-President, 2019 · 2019-01 · Al Jazeera

“transparent and conducted in accordance with national and international law”

Unnamed Turkish diplomatic source, on the gold trade · 2019-01 · Al Jazeera

“international standards and laws in place”

“Since 2016, Maduro has actively encouraged, supported, and facilitated the illegal mining”

Where accounts differ

Each party's account, side by side, with its source. The record does not settle these points; it shows them.

Value and tonnage of Venezuelan gold exported to Turkey in 2018
Press and investigations
TurkStat, via Reuters (Hürriyet Daily News)

US$779 million and 20.15 tonnes in January–May 2018, none in 2017.

Hürriyet Daily News (Reuters)
Press and investigations
Al Jazeera

About US$900 million of Venezuelan non-monetary gold reached Turkey in the first nine months of 2018 (no source named); bilateral trade US$892 million in January–May 2018 (TurkStat).

Al Jazeera
Press and investigations
Runrun.es / InSight Crime (leaked BCV documents)

21.3 tonnes to Turkey by May and about 24 tonnes in total for 2018 (Sardes 23.994 t); 73.2 tons sold by the BCV in 2018 across all buyers.

InSight Crime (Runrun.es)
Whether the gold trade conformed to law
Government and regulators
Unnamed Turkish diplomatic source

The trade was transparent and conducted in accordance with national and international law.

Al Jazeera
Company or project
Noor Capital

Its purchases complied with international standards and laws in place.

Al Jazeera (Reuters)
Government and regulators
US Treasury

Designated Minerven and the BCV under EO 13850 for operating in the gold sector.

US Department of the Treasury
Company or project
Goetz Gold LLC

President did not respond to requests for comment.

InSight Crime (Runrun.es)
Date of Alex Saab's extradition to the United States
International bodies
UN Fact-Finding Mission (citing the US Department of Justice, 18 October 2021)

October 2021.

UN Independent International Fact-Finding Mission on Venezuela
Press and investigations
NBC Los Angeles (CNBC)

October 2020.

NBC Los Angeles (CNBC)

How it looked

What was shown, beside what was recorded.

Shown

  • The gold was exported to Turkey rather than Switzerland over sanctions concerns and would return as BCV assets once refined and certified as monetary gold.
    Mining Minister Víctor Cano, July 2018 · Hürriyet Daily News (Reuters)
  • The trade with Turkey was transparent and conducted in accordance with national and international law.
    Unnamed Turkish diplomatic source, via Al Jazeera · Al Jazeera
  • Treasury described Minerven's practice of buying gold from miners and melting it into bars as having let the government convert its depreciating currency into gold and other foreign currencies.
    US Department of the Treasury · US Department of the Treasury

Recorded

  • TurkStat: US$779 million and 20.15 tonnes of Venezuelan gold exported to Turkey in January–May 2018, none in 2017.
    Hürriyet Daily News (Reuters)
  • Leaked BCV documents: 73.2 tons sold in 2018 in 33 shipments, 27 of them on Turkish Airlines; Noor Capital 27.396 t, Sardes 23.994 t, Goetz Gold 21.886 t.
    InSight Crime (Runrun.es)
  • OFAC designated Minerven and its president on 19 March 2019 and the BCV and its director on 17 April 2019.
    US Department of the Treasury
  • GL 51 requires reports with supply chain due diligence plans on the chain of custody of the gold; payments to blocked persons go into the "Foreign Government Deposit Funds" (EO 14373 of 9 January 2026); excluded are Russia, Iran, North Korea, Cuba and China-linked entities; GL 51 does not authorise mining in Venezuela.
    US Treasury, Office of Foreign Assets Control (OFAC)
  • GL 54 authorises US goods and services for minerals operations in Venezuela, excluding new joint ventures and payments in gold.
    US Treasury, Office of Foreign Assets Control (OFAC)
  • Executive Order 13850 of 1 November 2018 authorised sanctions on persons operating in the gold sector of the Venezuelan economy.
    Federal Register (GovInfo)
  • OHCHR (2020): the BCV does not publish exports, destinations or the foreign currency received for its gold.
    UN Human Rights Office (OHCHR)
  • Bank of England (context): 31 tonnes held, about a quarter of Venezuela's gold reserves; the BCV sought in 2020 to sell gold worth US$1 billion and transfer the proceeds to UNDP for COVID-19 response.
    Al Jazeera

Who gained

Money that reached nature, beside money that stayed elsewhere.

Reached nature or the ground

Not published
Measured environmental harm tied to the exported gold—
Not measured.

Gained elsewhere

Not totalled
Gold exported to Turkey, January–May 2018 (TurkStat via Reuters)$779m
Window: Jan–May 2018
20.15 tonnes.
Gold reaching Turkey in the first nine months of 2018 (Al Jazeera, no source named)≈ $900m
Window: Jan–Sep 2018
Gold the BCV sought to sell in 2020 for transfer to UNDP$1bn
Window: 2020
Currency: USD · Window: Mixed — see each line. Figures cover different periods and are not compared as a ratio. * Estimate built from cited figures.

Responses on record

  • noor-capital (2019): Said its 2019 purchases complied with international standards and laws in place. · Al Jazeera (Reuters)
  • venezuela-gov (2018-07): Mining Minister Víctor Cano said the gold went to Turkey over sanctions concerns and would return as BCV assets once refined and certified as monetary gold. · Hürriyet Daily News (Reuters)
  • goetz-gold (2019-03): The company's president did not respond to Runrun.es requests for comment. · InSight Crime (Runrun.es)

In court and with insurers

Every proceeding and every insurer decision on record.

Lawsuits and rulings

  1. 2019–2019Ongoing
    OFAC designation of Minerven and its president
    US Department of the Treasury (OFAC) · Regulatory · US Department of the Treasury → Minerven and its president Adrián Antonio Perdomo Mata

    Designated on 19 March 2019 under EO 13850 as operating in the gold sector of the Venezuelan economy. US Department of the Treasury

  2. 2019–2019Ongoing
    OFAC designation of the Central Bank of Venezuela and its director
    US Department of the Treasury (OFAC) · Regulatory · US Department of the Treasury → Central Bank of Venezuela (EO 13850) and director Iliana Josefa Ruzza Terán (EO 13692)

    Designated on 17 April 2019. US Department of the Treasury

  3. 2026–2026Ongoing
    OFAC General Licenses 51, 51A and 54 (2026)
    US Department of the Treasury (OFAC) · Regulatory · US Department of the Treasury → Not applicable (licences)

    GL 51 (6 March 2026) authorised exportation of Venezuelan-origin gold to the United States and refining there by an established US entity; GL 51A (27 March 2026) extended it to all minerals including gold; GL 54 authorised US goods and services for minerals operations in Venezuela. Contracts must be under US law and reports must include supply chain due diligence plans. US Treasury, Office of Foreign Assets Control (OFAC)

  4. 2021–2023Outcome not on record
    United States v. Alex Saab (money laundering)
    United States federal prosecution (US Department of Justice) · Criminal · US Department of Justice → Alex Saab

    Charged with conspiracy to commit money laundering in connection with an alleged US$350 million scheme involving the CLAP food programme, not gold; released to Venezuela on 20 December 2023 in a prisoner exchange before trial. The UN Mission wrote that entities it said Saab controlled were partners in MIBITURVEN. NBC Los Angeles (CNBC)

Insurers

No insurer decision on record.

What nature saw

Outcomes measured on the ground, and nature's note.

Nature's report opens this page. Below: further outcomes measured on the ground.

Gold to Turkey, Jan–May 2018
20.15 t
US$779m per TurkStat, via Reuters; none in 2017
BCV gold sales in 2018
73.2 t
Leaked BCV documents; Noor Capital, Sardes and Goetz Gold
US sanctions
Minerven, then the BCV
19 March and 17 April 2019
Measured harm tied to the exported gold
Not measured
Treasury cited deforestation and mercury in general terms

What we don't know

Undisclosed, unproven, untried: recorded as data.
Key earnings undisclosed

Money

  • None on record Measured environmental harm tied to the exported gold — Not measured.

Court

  • Unclear United States v. Alex Saab (money laundering): outcome not on record.

Accounts

  • Disputed Value and tonnage of Venezuelan gold exported to Turkey in 2018
  • Disputed Whether the gold trade conformed to law
  • Disputed Date of Alex Saab's extradition to the United States
  • None on record Goetz Gold LLC: President did not respond to requests for comment.

Record

  • Not disclosed Not disclosed: BCV exports, destinations and foreign currency received (OHCHR, 2020); post-sanction gold flows rarely leave a paper trail and are difficult to trace (UN Fact-Finding Mission).
  • Unclear Unclear: whether the gold exported in 2018 came from BCV reserves or from unreported Arc production (InSight Crime, citing the leaked documents).
  • Not measured Not measured: harm to nature tied to the exported gold specifically.
  • Not disclosed Not disclosed: reports filed under GL 51 and GL 51A (quantities, prices, taxes paid to Venezuela).
  • Disputed Disputed: the value and tonnage of 2018 gold exports to Turkey (see disputes).
  • None on record None on record: marine insurance or P&I policies for authorised shipments; GL 51, 51A and 54 authorise obtaining such cover.
  • Self-reported only Self-reported only: the Venezuelan government's explanation that the gold was sent to Turkey over sanctions concerns and would return as monetary gold.
  • Unclear Unclear: a ruling on the Bank of England's 31 tonnes of Venezuelan gold after 2022.

Did the harm stop?

Not applicable as a single event: trade figures cover 2018–2019 and US licences were issued in March 2026; no measurement of harm tied to the exported gold.

Who paid?

None on record.

Sources

Voices on record: — Company or project✓ Government and regulators— Courts✓ Press and investigations— Communities and civil society— Researchers✓ International bodies

Government and regulators

  1. Executive Order 13850
    Federal Register (GovInfo) · 2018-11-01
  3. Treasury Sanctions Central Bank of Venezuela and Director
    US Department of the Treasury · 2019-04-17
  4. Venezuela General License No. 51
    US Treasury, Office of Foreign Assets Control (OFAC) · 2026-03-06
  5. Venezuela General License No. 51A
    US Treasury, Office of Foreign Assets Control (OFAC) · 2026-03-27
  6. Venezuela General License No. 54
    US Treasury, Office of Foreign Assets Control (OFAC) · 2026-03-27

Press and investigations

  1. Venezuela exported $779 mln in gold to Turkey in 2018: Data
    Hürriyet Daily News (Reuters) · 2018-07-20

International bodies

Connected cases

Related matters, and cases linked to this one through the same organisations, with the role each played in both.
Terms used on this page

Insurance

P&I club
A protection and indemnity club: a mutual association of shipowners that covers members' liabilities to third parties, including oil pollution.
Similar cases
Mining · Finance, funds and markets · Law, regulation and treaties · Niger · 2023–2026
Somaïr nationalisation, Orano's ICSID arbitration and the Niger uranium stock
Same type: Mining, Finance, funds and markets, Law, regulation and treatiesCourt: ongoing, outcome not on record
Oil, gas and coal operations · Law, regulation and treaties · Finance, funds and markets · Russia · 2022–2026
Sakhalin-2 and Sakhalin-1 in 2022: transfer decrees, the ecological-audit deduction clause and write-downs
Same type: Law, regulation and treaties, Finance, funds and marketsCourt: ongoing
Law, regulation and treaties · Finance, funds and markets · Russia · 2022–2026
FSC suspension of Russia and Belarus and birch plywood sanctions cases in the EU
Same type: Law, regulation and treaties, Finance, funds and marketsCourt: ongoing
Wildfire · Law, regulation and treaties · Finance, funds and markets · Burning: incineration, open burning, flaring, fires · Russia · 2015–2026
Russia's forest-fire control zones and federal fire-service funding
Same type: Law, regulation and treaties, Finance, funds and marketsCourt: ongoing, outcome not on record
Mining · Finance, funds and markets · Uzbekistan · 2017–2026
Almalyk MMC copper expansion: export-credit and bank financing, and a 48 billion soum environmental compensation demand
Same type: Mining, Finance, funds and marketsCourt: ongoing