Secret KPMG Report Shows U.S. Controlled $12.26 Billion in Venezuelan Export Revenue, Mostly From Oil

The U.S. government received $12.26 billion in revenue from Venezuelan natural-resource exports between January 3 and September 30, according to a confidential KPMG report reviewed by The New York Times, revealing how Washington controls the flow of money from the country’s oil sales. ⠀ The report describes a Treasury-established “Venezuela Custody Account” created after U.S. forces removed President Nicolás Maduro in January. Initially held in Qatar, the account was moved to Citibank in New York later that month. State and Treasury Department officials had to approve each transaction. ⠀ Although oil sales accounted for most deposits, the account also received proceeds from minerals and fertilizer exports. Trading firms Trafigura and Vitol supplied 61% of the money deposited through September. ⠀ Most of the money was sent back to Venezuela shortly after reaching the account. About $11.7 billion went toward foreign-currency auctions intended to support the bolívar, while roughly $130 million paid Venezuelan government obligations abroad. ⠀ The account held about $170 million on September 30 and had earned approximately $12 million in interest, the report said. ⠀ The arrangement gives U.S. officials final approval over the release of Venezuelan export earnings, even as Washington says it is acting as custodian rather than keeping the revenue. The report does not identify the ultimate recipients of the foreign-currency auctions or cover all Venezuelan exports, including some oil sold through separate arrangements. ⠀ The findings emerge as Democrats prepare to take control of Congress in January and seek greater oversight of the Trump administration’s Venezuela policy.