Gold mining is central to the Turkey-Venezuela relationship. Since at least 2018, Turkish entities have partnered with Caracas in state-run mining ventures in southern Venezuela’s Orinoco Mining Arc, a region plagued by illegal mining, environmental devastation, and severe human rights abuses. That same year, Turkey imported nearly $900 million in Venezuelan gold, helping Caracas convert illicitly mined bullion into hard currency while bypassing sanctions.
The gold trade has been closely linked to Venezuelan corruption networks. Businessman Alex Saab, later arrested and charged by US authorities, used Turkish companies to sell Venezuelan gold and purchase overpriced food imports for the regime’s food subsidy program, known as CLAP, enriching elites amid widespread malnutrition.