WASHINGTON (The Thursday Times) — The United States took in more than $12.26 billion from sales of Venezuelan oil, gold, and other resources between January and September, and paid out nearly all of it to the country’s interim government, according to an accounting review released by the State Department on Thursday.
The review, carried out by the auditing firm KPMG and dated October 29, covers a Treasury-managed account set up after US forces seized Nicolás Maduro on January 3. Maduro was flown to New York to face drug-trafficking charges. The report was sent to Congress earlier this month.
Since the operation, buyers of Venezuelan commodities have paid into the account rather than into the country’s central bank. Venezuelan authorities then ask for approval to draw on the funds. The report says the money “remains sovereign property of Venezuela” but is held pending use for public, governmental, or diplomatic purposes, as decided by Secretary of State Marco Rubio.
Where the money came from
More than $12.1 billion came from crude oil, refined products, and natural gas, the report says. Gold brought in $108 million, other minerals $22 million, and fertiliser $24.6 million.
The public version of the report does not name the 20 companies that bought the oil and gold. It says each was vetted by the US government for sanctions and money-laundering compliance. Reports have said that the trading houses Trafigura and Vitol, which received special licences to sell Venezuelan oil after the January operation, accounted for most of the deposits.
Where it went
About $12.11 billion, nearly 99% of the total, had been paid out by September 30, leaving a balance of $168.6 million, according to the report. Most of it went through foreign-exchange auctions run by the Venezuelan authorities.
About $133 million was paid directly to suppliers of the Venezuelan government. The payments included about $5 million to the Miami law firm Greenberg Traurig, nearly $24 million for dialysis and coal-mining equipment, and $8.7 million to settle vaccine debts owed to the Pan American Health Organization.
A State Department official said the account had supported essential public services, economic stability, and the rebuilding of Venezuela’s energy, health, and infrastructure sectors. “The report shows the process is working,” the official said.
Venezuelan oil now reaches buyers under US licence, with payment routed through the Treasury channel. Pakistan has kept up ties with the new authorities in Caracas: Deputy Prime Minister Ishaq Dar congratulated Venezuela’s new foreign minister, Oliver Blanco, last week.
