US State Department details over $12bn in Venezuelan resource revenue

The United States Department of State has published a comprehensive report detailing the management of more than $12 billion in revenue derived from Venezuelan oil and mineral resources. This disclosure comes nearly a year after US forces captured Venezuelan leader Nicolas Maduro, marking a significant step toward transparency in handling the funds. The 53 page document states that the release is intended to promote accountability in the administration of these assets.

In January, US military forces conducted a raid on Caracas, capturing Maduro and his wife. They were subsequently transported to New York City, where they are currently facing charges related to drug trafficking and torture. Following the removal of Maduro from power, Vice President Delcy Rodriguez assumed leadership of Venezuela. She has since negotiated agreements with Washington that grant the US a direct stake in profits from the export of oil and other minerals from the South American nation.

The Trump administration has sought to exert direct control over the buyers of Venezuelan natural resources and the allocation of profits from those sales. In January, President Donald Trump issued an executive order establishing special bank accounts to hold revenue from these transactions. The plan involves distributing the funds back to Venezuela in a controlled manner. Trump has highlighted Venezuela as a central element of his political narrative, touting the expected oil revenue during his campaign for the midterm elections held earlier this month.

Venezuelan rights activists have expressed concern that Washington may prioritize oil revenues over supporting democratic reforms after Maduro's departure. The new report covers financial flows into and out of US controlled accounts between January 3, 2026, and September 30, 2026. To ensure accuracy, the State Department has engaged KPMG, a private auditing firm based in Washington, DC, to examine the transactions.

According to the findings, the US received more than $12.26 billion from verified and approved entities engaging in authorized activities in Venezuela during the specified period. The majority of this flow came from crude oil and petroleum based revenue, though it also included deposits from transactions involving gold, minerals, and fertilizers. As of September 30, more than $12 billion of that total had been disbursed, leaving approximately $169 million remaining in the account.

The initial mechanism for collecting these funds involved an account set up at the Qatar National Bank in January. Approximately $500 million was deposited into this account by entities seeking to buy authorized oil and minerals. Almost all of these funds were distributed back to Venezuelan entities by late January. At that time, a separate dedicated account controlled by the US Treasury was established to handle future transactions.

The current account, which is directly managed by the US Department of the Treasury, has received more than $12 billion from about 20 depositors. The identities of these depositors are redacted in the State Department's report. Approximately 99 percent of the funds received in this account were related to the purchase of oil. This represents a significant portion of the total revenue generated from the country's primary export.

By the end of September, nearly all funds in the Treasury controlled account had been distributed to a set of Venezuelan banks. These banks used the money for foreign exchange interventions. In these transactions, banks sell dollars to reduce the amount of local currency in circulation, thereby supporting the value of the Venezuelan bolivar. This process aims to stabilize the national currency amid ongoing economic challenges.

The report is heavily redacted and does not provide specific details about the final recipients of the distributed funds. However, it notes that approximately $9.4 billion went to legal entities, while $2.9 billion was allocated to individuals. This breakdown offers a glimpse into how the substantial revenue has been channeled through the Venezuelan financial system under US oversight.