From The Boston Globe · · 1m 20s
US Handles $12 Billion in Venezuelan Oil Revenues
Secret report reveals US government managed $12.26 billion in Venezuelan oil funds through a custody account.
In brief
Secret report reveals US government managed $12.26 billion in Venezuelan oil funds through a custody account. US handled $12.26 billion in Venezuelan oil revenues via a custody account set up after military intervention in January. Originally reported by The Boston Globe.
US Revenue from Venezuela
The US government received more than $12 billion in revenue from Venezuela’s natural resource exports in the first nine months of this year.
Venezuela Custody Account
The report describes the 'Venezuela Custody Account' set up by the Department of the Treasury to manage Venezuelan export revenues after ousting former president Nicolás Maduro.
Account Activity
The account received $12.26 billion in deposits between January 3 and September 30, with $170 million balance and $12 million interest earned.
Funds Distribution
The vast majority of funds were distributed back to Venezuela soon after receipt, with $11.7 billion used to prop up the bolivar through foreign currency auctions.
US Financial Control
US officials controlled the release of funds, requiring state department and treasury approval for each transaction.
Economic Impact
Venezuela’s inflation is expected to rise nearly 300 percent this year with annual inflation not falling into double digits until at least 2028.
Current Situation
Democrats now control Congress and are pressuring the Trump administration to describe US actions to prevent corruption in Venezuela after taking control of finances.
The bottom line
US handled $12.26 billion in Venezuelan oil revenues via a custody account set up after military intervention in January.
