U.S. Says It Returned More Than $12 Billion in Venezuelan Oil Proceeds Through September
A State Department report says $12.11 billion was disbursed from a U.S.-supervised account between January and September, according to EFE and AFP. Oil was the main source of the proceeds.
The United States authorized the release of more than $12.1 billion in proceeds from Venezuelan natural resources through September, according to a State Department report described Thursday by EFE and AFP.
The report covers January 3 through September 30. It says a U.S.-supervised custody account received more than $12.26 billion and disbursed $12.11 billion, or 98.7% of the deposits. Crude oil and petroleum products supplied most of the revenue, with smaller amounts tied to gold, minerals and fertilizer transactions.
The account was created after U.S. forces captured Nicolas Maduro in January. Under the arrangement, Venezuela's central bank requests the release of money on behalf of the interim government and explains how the funds will be used, EFE reported.
The money was used mainly to supply dollars to Venezuela's banking system, where commercial banks distribute currency to businesses and individuals. EFE said the program also included cash shipments and payments to suppliers.
The report was dated October 29 and submitted to Congress before the State Department made it public Thursday, AFP reported. Its figures describe the period through September, not the total through today.
EFE said KPMG prepared the report. The reported disbursements do not by themselves establish how every final recipient used the money.