Between January and September 2026, the United States collected over $12.26bn from approved sales of Venezuelan commodities, predominantly crude oil and petroleum. Initial deposits passed through Qatar National Bank before moving to an account directly controlled by the U.S. Department of the Treasury. Auditing firm KPMG reviewed transactions from approximately 20 depositors whose identities were withheld in the State Department's 53-page accounting. More than $12bn was subsequently transferred to Venezuelan banks for foreign exchange interventions, leaving about $169m remaining.
Key points
The revenue control system was established following the capture of Nicolas Maduro and su…: The revenue control system was established following the capture of Nicolas Maduro and subsequent agreements with interim leader Delcy Rodriguez.
Private auditing firm KPMG examined resource deposits from around 20 depositors whose ide…: Private auditing firm KPMG examined resource deposits from around 20 depositors whose identities remain redacted in the public report.
The official release leaves the ultimate recipients unclear, classifying outlays only bro…: The official release leaves the ultimate recipients unclear, classifying outlays only broadly as $9.4bn to legal entities and $2.9bn to individuals.
Sources checked by our analysis pipeline: 1
The report seeks to address concerns about the Trump administration’s handling of revenue held in trust for Venezuela.
The United States Department of State has released a report detailing what it says the US has done with more than $12bn in revenue from Venezuelan oil and mineral resources, nearly a year after it abducted the country’s leader, Nicolas Maduro.
The disclosure is part of an effort to “promote transparency and accountability in the management of these funds”, says the 53-page report, released on Thursday.
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In January, US forces conducted a raid on the Venezuelan capital of Caracas, capturing Maduro and his wife and bringing them to New York City, where they are currently facing charges related to drug trafficking and torture.
Venezuela’s then-vice president, Delcy Rodriguez, took over after Maduro’s abduction and has…
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