US State Department Reveals Management of Over $12 Billion in Venezuelan Oil Revenues

The US State Department announced that Washington managed more than 12 billion dollars in Venezuelan oil revenues through a treasury account established after the detention of former President Nicolas Maduro.

A report issued by the US State Department yesterday, Thursday, stated that the US government supervised the transfer of more than 12 billion dollars in Venezuelan oil revenues through an account belonging to the Treasury Department, created after Maduro's arrest.

According to the New York Times, which reported on this before the release, the report represents the first substantial explanation of money flows from an account that had remained secret until now. According to the report, most of these funds were directed to the Venezuelan economy, some through banks, via interventions in the foreign exchange market and other payments at the request of the country's central bank.

Between January and September 30, the account received deposits of more than 12.26 billion dollars from documented and accredited entities engaged in licensed activities related to Venezuelan natural resources.

Most of these deposits came from crude oil and petroleum product transactions, while a small share came from sales of gold, minerals, and fertilizers. The United States disbursed more than 98 percent of the total amount in the account, while 168.56 million dollars remained in custody until late September for future disbursement upon obtaining authorization.

The report clarified how some funds circulated within the Venezuelan economy, including in sectors such as food and consumer goods, commercial and administrative services, and agriculture. Democratic members of the Senate have criticized in recent months the lack of transparency regarding revenues in the account under US government control, which was established in late January.

Secretary of State Marco Rubio said that KPMG, one of the Big Four accounting firms, was contracted to audit every expense individually, but no public report has been published so far.