The United States managed $12.26 billion in revenues from Venezuelan natural resources during the first nine months of 2026, according to a report by accounting firm KPMG published by the State Department. More than $12.1 billion came from sales of crude oil, petroleum products and natural gas. The remainder was generated by deals involving gold, minerals and fertilizers.
The money was deposited into a fund controlled by the US Treasury Department. According to the report, $12.11 billion, or nearly 99% of the total amount, was paid out between January 3 and September 30. At the end of the period, $168.56 million remained, earmarked for future payments.
Most of the Funds Were Returned to Venezuela
Most of the money was directed back into the Venezuelan economy through currency transactions with commercial banks. These transactions were carried out at the request of the Central Bank of Venezuela, while the ultimate recipients of the funds from the currency deals have not been publicly identified.
About $133 million was transferred directly to suppliers for services and goods needed by the Venezuelan government. The payments included $5 million to the US law firm “Greenberg Traurig,” nearly $24 million for dialysis and mining equipment, and $8.7 million to settle Venezuela’s outstanding vaccine payments to the Pan American Health Organization.
Washington Retains Control over the Release of the Funds
The report defines the funds as Venezuelan sovereign property, but they remain under US control until specific payments are approved. The names of the 20 companies that purchased Venezuelan oil and gold during the period under review were redacted in the published version of the document.
“The report shows that the process is working,” a State Department representative said. According to the representative, during the first nine months the funds supported public services, macroeconomic stability, and the recovery of the energy, healthcare and infrastructure sectors.
The report is the first detailed public account of the movement of money through the account established after the introduction of the new mechanism for selling Venezuelan oil. The published data show the amounts of revenues and payments, but do not disclose all the companies involved in the transactions or the ultimate recipients of the funds from the currency operations.
Sources: investing.com, apnews.com, washingtonpost.com