US State Department lists over $12.26 billion in Venezuelan receipts

US-controlled accounts received more than $12.26 billion from Venezuelan oil and other resources between 3 January and 30 September 2026, the US State Department said in a report released 12 November. More than $12 billion had been disbursed by the cutoff, with about $169 million remaining then—not necessarily at publication.

The arrangement followed the US capture of Venezuelan leader Nicolás Maduro in Caracas on 3 January. Delcy Rodríguez, then vice president, took over and made resource-export agreements with Washington. President Donald Trump ordered special accounts to hold proceeds for controlled distribution back to Venezuela.

Where the money went

Most receipts came from crude oil and petroleum, with additional deposits linked to gold, minerals and fertilizers. About 99% of receipts in the current Treasury-controlled account related to oil purchases, the department said. The identities of its roughly 20 depositors are redacted.

The heavily redacted disclosure lists about $9.4 billion distributed to legal entities and $2.9 billion to individuals, but does not identify the final recipients or give a detailed spending breakdown.

The New York Times, citing an account-activity report compiled by auditing firm KPMG for the US government, said $11.7 billion returned to Venezuela was used for foreign-currency auctions through commercial banks. The banks sell dollars in exchange for bolívares, reducing the supply of local currency in an effort to support its value. The report did not identify the auctions’ ultimate beneficiaries.

The KPMG report also showed that about $130 million paid Venezuelan government foreign bills, mostly debts to other governments and international organizations. The account did not cover all Venezuelan export revenue: some oil exports used other arrangements, and much gold was exported through informal channels.

How the accounts are controlled

The US initially collected payments at Qatar National Bank. Almost all the initial deposits had been distributed to Venezuelan entities by late January, when a dedicated Treasury-controlled account took over future transactions. The account was moved to Citibank in New York.

The KPMG report said Venezuela’s central bank requested funds, and US officials released them after checking that the requests met financial-integrity criteria. The KPMG report said officials from both the State Department and Treasury had to approve each transaction.

The State Department said its disclosure aimed to promote transparency and accountability. Venezuelan rights activists have expressed concern that Washington could prioritize oil revenue over support for democratic reforms, Al Jazeera said.

Lawmakers seek audits

The State Department contracted KPMG to examine the transactions. On 21 September, Representatives Joaquin Castro, Gregory Meeks and Ami Bera asked Secretary of State Marco Rubio to release promised audits. In their letter, they said State Department official Michael Kozak had described KPMG as an independent auditor and said reviews would take place at least quarterly, covering transactions from before the firm was hired. They said Kozak had also committed to follow up on the anticipated release date of the first report.

The lawmakers requested all KPMG audits and findings, monitoring reports, audit contracts and a complete accounting of disbursements. They asked for a response by 8 October 2026, and for future audits to be sent to Congress within 30 days of completion.