US Returns Nearly 99% of Venezuela's Oil Revenue, Over $12 Billion, After Maduro's Ouster

The United States has returned more than USD 12 billion, or nearly 99 per cent, of the revenue generated from Venezuelan oil sales since the ouster of former President Nicolas Maduro in January 2026, according to a report released by the US State Department.

An accounting review by KPMG found that sales of Venezuelan crude oil, along with smaller quantities of gold, minerals and fertilisers, generated a total of USD 12.26 billion. Of this amount, just USD 168.6 million remained in an escrow account managed by the US Treasury Department as of September 30, the end of the 2026 budget year.

Under an energy agreement between the Trump administration and Venezuela's interim authorities, Venezuelan crude is sold in international markets, with the proceeds deposited into a US-managed account. Venezuelan officials must seek US approval to access the funds, which are intended to meet the country's infrastructure and humanitarian needs.

The arrangement was established after US forces captured Maduro and brought him to New York to face drug-trafficking charges, while Washington assumed effective control over Venezuela's struggling oil industry.

The report said most of the money returned to Venezuela was distributed to individuals and businesses through foreign exchange transactions conducted with commercial banks in the country. Another USD 133 million was used directly to pay for services and supplies required by the Venezuelan government.

Among the approved payments were USD 5 million to Miami-based law firm Greenberg Traurig, nearly USD 24 million for dialysis and coal-mining equipment, and USD 8.7 million to clear Venezuela's outstanding payments for vaccine procurements with the Pan American Health Organization.

The report did not disclose the identities of the 20 companies that purchased Venezuelan oil and gold during the first nine months of 2026.

However, all buyers were subjected to US government checks to ensure compliance with sanctions and anti-money laundering regulations. This marked a significant departure from previous arrangements, under which Venezuela's government faced considerably less scrutiny over the management of its oil revenues.