U.S. reports on the destination of funds obtained from Venezuelan oil

The U.S. Department of State released a report, prepared by the financial services firm KPMG LLP, which details both the amount and the destination of funds obtained by Venezuela from the sale of oil, gold, minerals, and fertilizers between January 3 and September 30, 2026.

According to the report, during that period, "the U.S. government established custodial control over revenue deposits derived from Venezuela’s natural resources, implemented multi-layered authorization and compliance controls, and oversaw the distribution of the funds through duly authorized economic and public-sector channels."

In this context, it was noted that the "Venezuela custodial account" at the U.S. Department of the Treasury "received deposits totaling more than $12.26 billion from verified and approved entities engaged in authorized activities related to Venezuela’s natural resources", that is, entities holding a license issued by the U.S. Treasury’s Office of Foreign Assets Control, with transactions linked to crude oil "constituting the largest source of revenue."

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