Illustration: JBizNews. AI-generated editorial illustration of oil revenue held in custody, not an actual location or event.
The United States disbursed $12.11 billion from an account holding Venezuelan natural-resource revenue during the first nine months of 2026, according to a newly published State Department report that details how the money was collected, controlled and released.
The disclosure covers January 3 through September 30. It is an account of transfers made during that period, not an announcement of a new $12 billion transfer.
The State Department report says more than $12.26 billion was deposited and 98.7% was disbursed, leaving $168.56 million in custody as of September 30. Crude oil and petroleum-related transactions supplied most of the revenue, with additional deposits tied to gold, minerals and fertilizer.
How the money was released
The funds remain Venezuela’s sovereign property, the report says. They are held under a US-controlled system in which the State Department authorizes disbursements and the Treasury administers the account and executes approved transfers.
Venezuela’s central bank submits requests on behalf of the interim government. Approved money then moves through foreign-exchange mechanisms or payments to vendors. Participating commercial banks distribute dollars to businesses and individuals under the program.
The report describes transaction reviews, sanctions screening, anti-money-laundering checks and recipient testing. KPMG acts as the State Department’s contracted monitor and technical adviser. It also says the safeguards developed over time and were not all in place at the start of the period.
Why the disclosure matters
The figures show the scale of a system that routes Venezuelan resource proceeds through US authorization before the money reaches approved uses. The report says those uses include public services, healthcare, energy, infrastructure and economic stability.
The people and businesses affected include Venezuelan bank customers receiving foreign exchange, vendors supplying government and public-service organizations, and resource companies required to deposit covered payments into the custody account.
What happens next
The 53-page report calls its findings a point-in-time assessment based on records available through September 30. Continued monitoring may incorporate new financial records, transaction data and compliance reviews as reporting systems develop. The remaining balance is held for future authorized disbursements requested by Venezuela’s central bank.
JBizNews Desk | Washington
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