US releases report on $12bn from Venezuelan oil, mineral resources
Summary
The U.S. State Department released a report on more than $12.26 billion in revenue from Venezuelan oil and mineral transactions that flowed through U.S.-controlled accounts from January 3 to September 30, 2026. The report says more than $12 billion was distributed to Venezuelan banks, mostly for foreign-exchange interventions, while about $169 million remained in the account.Key Facts
- About 99 percent of the funds received came from oil purchases, according to the report.
- The revenue also included money from transactions involving gold, other minerals, and fertilisers.
- The funds came from about 20 depositors, whose identities were redacted.
- The U.S. first held the revenue in an account at Qatar National Bank, then set up a separate account controlled by the U.S. Treasury.
- The State Department hired KPMG to examine the transactions.
- The report does not identify the final recipients of the distributed funds.
- Foreign-exchange interventions involve banks selling dollars to reduce the amount of local currency in circulation and support its value.
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