The United States has transferred back almost 99 per cent of the proceeds generated from Venezuelan oil and other commodity sales since the removal of former president Nicolás Maduro in January, according to an accounting report released by the Trump administration on Thursday.
An assessment prepared by accounting firm KPMG for the US State Department put the total revenue from Venezuelan crude, along with smaller quantities of gold, minerals and fertiliser, at $12.26 billion.
Almost the entire amount has reportedly been returned to Venezuela under an energy arrangement negotiated with the country’s interim authorities. The report said $168.6 million remained in an escrow account administered by the US Treasury Department as of September 30, the final day of the 2026 budget year.
Under the arrangement, Venezuelan oil is marketed internationally, with the proceeds deposited into an account controlled by the US. Venezuelan authorities subsequently seek Washington’s approval to access the money for humanitarian programmes and infrastructure requirements.
The financial disclosure provides insight into the management of Venezuela’s oil revenues following the US operation that resulted in Maduro being taken to New York to face drug-trafficking charges. Washington has also assumed effective control over significant aspects of the country’s deteriorating oil industry.
Most of the revenue collected through September was transferred to Venezuelan individuals and businesses through foreign exchange arrangements involving commercial banks operating in the country.
The report also identified approximately $133 million in direct payments for goods and services required by the Venezuelan government.
Among the transactions authorised by the US were a $5 million payment to Miami-based law firm Greenberg Traurig, nearly $24 million towards dialysis and coal-mining equipment, and $8.7 million to clear Venezuela’s outstanding payments for vaccine purchases through the Pan-American Health Organization.
The identities of 20 companies that purchased Venezuelan oil and gold during the first nine months of 2026 were withheld from the report.
However, the document said all these companies had undergone US government screening to ensure compliance with sanctions and anti-money-laundering requirements.
The arrangement represents a departure from earlier practices, when Venezuela’s government exercised considerably greater freedom in managing the proceeds generated by its oil exports.
The latest disclosure also highlights the extent of US oversight over Venezuela’s financial transactions and the distribution of its natural resource revenues.