US Controlled Over $12 Billion of Venezuelan Revenue in Nine Months, Report Says

The United States received and distributed more than $12 billion from Venezuelan oil and natural resource exports during the first nine months of 2026. The figures come from a confidential report prepared by financial consultancy KPMG at the request of US authorities. The document was analyzed by The New York Times.

The money was held in an account called the Venezuela Custody Account, created by the US Treasury Department after former President Nicolás Maduro left power. Initially based in Qatar, the account was transferred to Citibank in New York at the end of January.

Between January 3, the date of the US military intervention, and the end of September, $12.26 billion was deposited into the account. Washington maintained the power to approve every transaction and decide when and under what conditions the money could be released.

The vast majority of the funds were later sent back to Venezuela shortly after being received. By September 30, the report's reference date, the account held a balance of approximately $170 million. The account also accumulated about $12 million in interest during the period analyzed.

KPMG charged $18.18 million for supervising the operations, a fee paid by the Delcy Rodríguez regime. The report does not record any management commission in favor of the US Treasury.

About $11.41 billion was channeled to the Venezuelan economy through auctions and electronic allocations to banks. Companies and individuals could buy dollars with bolivars to pay for imports.

The first sales were collected in Qatar. After the capture of Nicolás Maduro by US special forces in January, Venezuela had accumulated oil in its storage facilities. Washington facilitated the sale, but the US mechanism to receive the money was not yet ready, so a provisional account at Qatar National Bank was used.