A confidential report from global financial services firm KPMG shows that during the first nine months of this year, the U.S. government received and disbursed more than $12 billion in revenue from Venezuelan natural resource exports, according to the report reviewed by media outlets. The document is the most detailed accounting to date of the financial controls Washington has imposed on Venezuela since U.S. forces removed the country's president in January. The Trump administration installed a compliant interim government and tasked it with opening Venezuela's oil industry to American investment. The report was finalized just days before the midterm elections. Democratic lawmakers had repeatedly pledged to make U.S. policy toward Venezuela more transparent and accountable. Democrats have now won control of both the Senate and the House of Representatives and will hold stronger oversight powers starting in January.
KPMG was commissioned by the U.S. government to produce the report, which describes the operation of the "Venezuela Trust Account." The account was established by the U.S. Treasury Department to manage the flow of Venezuela's export revenue after former President Nicolás Maduro was removed from power. It was initially set up in Qatar and transferred to Citibank in New York at the end of January. The report shows that from January 3, when U.S. forces intervened, through the end of September, the account received a cumulative $12.26 billion. Most of the funds were disbursed back to Venezuela shortly after arriving. As of the report's cutoff date of September 30, the account held a balance of approximately $170 million. During this period, the account also generated about $12 million in interest.
The report notes the rapid pace of disbursements, which partly corroborates the U.S. position that Washington is merely a custodian of Venezuela's natural resource proceeds, primarily oil. In simple terms, the process works as follows: Venezuela's central bank requests funds from the U.S.-controlled account; American officials review whether the request meets financial compliance standards before approving the disbursement. Secretary of State Marco Rubio has repeatedly stated that before the U.S. removed Maduro, most of Venezuela's oil revenue was embezzled by corrupt individuals and foreign intermediaries. Media reporting has corroborated some of these claims. However, the KPMG report also demonstrates that while Venezuela's constitution stipulates natural resources belong to the Venezuelan people, the ultimate authority over when funds are released and who receives them rests with U.S. officials. The report states that "the U.S. government exercised custodial control over deposits of Venezuelan natural resource revenue this year," and that every transaction required sign-off from State Department and Treasury Department officials. The U.S. Treasury, State Department, KPMG, and the Venezuelan government did not immediately respond to requests for comment.
The report shows that the vast majority of funds in the account came from crude oil sales, with a smaller portion from mineral and fertilizer exports. Global commodities firm Trafigura deposited approximately $100 million to purchase Venezuelan gold. The report does not cover all of Venezuela's export revenue. Two major crude oil exporters, U.S. oil giant Chevron and domestic company NABEP, use a separate settlement arrangement to sell a portion of extracted crude, and a significant amount of Venezuelan gold is exported to the Middle East through informal financial channels. Last month, NABEP began shipping crude oil to the United States. Under the agreement, the company will hand over a 35% equity stake to the U.S. government and 20% of its production at below-market prices.
Of the funds disbursed back to Venezuela from the trust account, $11.7 billion was used by Venezuelan commercial banks to conduct foreign exchange auctions to support the national currency, the bolívar. This scale is broadly consistent with independent estimates of Venezuela's foreign exchange inflows. Venezuelan financial consultancy Sintesis Financiera estimates that the Venezuelan government channeled $12.3 billion into foreign exchange auctions during the first nine months of 2026. The report also shows that the U.S. transferred approximately $130 million from the account to pay Venezuela's external debts, primarily obligations to foreign governments and international organizations. The report does not identify the ultimate beneficiaries of Venezuela's foreign exchange auctions. Media reporting has previously noted that a large share of the dollars ultimately flowed to a small number of Venezuelan agricultural enterprises and consumer goods giants, while many small and medium-sized businesses struggled to obtain the foreign exchange needed for investment.
The bulk of the account's funds came from Trafigura and Vitol, two global commodities giants. After the U.S. action, these two companies obtained exclusive rights to sell Venezuelan oil. The report shows that although the number of oil buyers has increased, these two firms still dominate Venezuela's crude oil trade. As of the end of September, Trafigura and Vitol together accounted for 61% of funds received into the account.
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