US Returns $12 Billion in Oil Proceeds to Venezuela
The Trump administration claims it has given back over $12 billion, nearly 99 percent, of the money earned from the sales of Venezuelan oil since it removed former President Nicolas Maduro in January.
A Thursday report from the State Department stated that the accounting company KPMG indicated that the sale of Venezuelan crude, along with small quantities of gold, minerals, and fertilizer, generated $12.26 billion.
According to the report, nearly all of the funds have been sent back to Venezuela as part of a comprehensive energy agreement made with the nation's interim leaders.
As of September 30, at the conclusion of the 2026 budget year, there was $168.6 million left in an escrow account overseen by the US Treasury Department, the report indicated.
According to the agreement, Venezuelan oil is traded on the open market, with earnings allocated to the US-administered account. Venezuelan authorities subsequently request consent for those resources to be sent back to the nation to cover infrastructure and humanitarian requirements.
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The report provides insight into the Venezuelan government's financial situation since the US apprehended Maduro - transporting him to New York for drug-trafficking allegations - and gained practical control over the nation's deteriorating oil sector.
Most of the over $12 billion in oil revenue obtained by the US until September was allocated to individuals and businesses in Venezuela via foreign exchange dealings with commercial banks operating within the nation.
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Nevertheless, approximately $133 million was allocated to directly cover the costs of services or supplies required by the Venezuelan government, according to the report.
Authorized transactions in the US involve $5 million for Miami law firm Greenberg Traurig, almost $24 million for coal-mining and dialysis equipment, and $8.7 million to resolve Venezuela's vaccine debt with the Pan-American Health Organization, it stated.
The report conceals the identities of the 20 firms that acquired oil and gold in the first nine months of 2026.
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Nonetheless, each had to undergo vetting by the US government to ensure compliance with sanctions and money-laundering regulations - a significant shift from previous practices when Venezuela's government experienced minimal oversight in the handling of its oil funds.