U.S. Managed $12 Billion in Venezuelan Resource Revenues
The United States government managed over $12 billion in Venezuelan export revenues following a military intervention that toppled President Nicolás Maduro.
A confidential report by KPMG reveals that the United States government managed more than $12 billion in Venezuelan natural resource export revenues between January 3 and September 30, 2026. This financial control followed a U.S. military intervention in January that removed President Nicolás Maduro from power.
To manage these funds, the U.S. Treasury established the Venezuela Custody Account, which was relocated from Qatar to Citibank in New York. The account primarily held proceeds from crude oil sales, with commodity firms Trafigura and Vitol contributing 61 percent of the deposits. Although U.S. officials describe their role as custodians, the report notes that the State Department and Treasury must approve every transaction.
Of the total funds, $11.7 billion was returned to Venezuela to support the bolívar through foreign currency auctions, while $130 million was allocated to pay foreign debts. In a separate arrangement, the local producer North American Blue Energy Partners agreed to provide the U.S. government with 35 percent of its shares and 20 percent of its production at below-market rates.
