The United States handled more than $12 billion of Venezuela's oil revenues in the first nine months of the year, according to a KPMG report the State Department made public. Nearly all of the money was disbursed, most of it to foreign exchange auctions run by Venezuelan authorities.
The United States handled more than $12 billion of Venezuela's crude oil revenues in the first nine months of this year, according to a report the State Department released on Thursday. The arrangement was established after President Donald Trump's administration seized then-President Nicolas Maduro in January.
KPMG report tracks the Treasury account
The accounting firm KPMG prepared the report, which sets out how buyers of Venezuelan oil deposited funds into a US Treasury account. The money was then released to the interim government led by former allies of Maduro, which now works closely with Washington.
The report is dated October 29, and a State Department official said it went to Congress in early November. The New York Times first reported details on Tuesday.
Oil and gas sales bring in $12.1 billion, gold adds $108 million
Sales of oil, other petroleum-based products and natural gas accounted for more than $12.1 billion of the funds received, the report said. Gold brought in $108 million, minerals $22 million and fertilizer $24.6 million.
The report said $12.11 billion, or nearly 99% of the total deposited, was disbursed. Most went to foreign exchange auctions run by Venezuelan authorities, while $133 million went directly to vendors for services provided to the Venezuelan government.
Funds stay under Rubio's disposition
According to the report, the funds remain sovereign property of Venezuela but are held pending disposition for public, governmental, or diplomatic purposes, as determined by US Secretary of State Marco Rubio.
The State Department redacted the names of the depositors in the public version. The New York Times reported that the majority came from commodity giants Trafigura and Vitol, which received special licenses to sell Venezuela's oil shortly after the January 3 operation.
Reuters reported on Wednesday that a Vitol gasoline trader's ties to Vice President JD Vance helped the company secure its license.
Source: Investing.com (Reuters)
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