US releases report on $12bn from Venezuelan oil, mineral resources

Key Points:

• The US Department of State released a report detailing the management of over $12 billion in revenue from Venezuelan oil and mineral resources following the abduction of Venezuela’s leader, Nicolas Maduro, in January 2026.
• After Maduro's capture during a US raid in Caracas, Washington took control over Venezuelan resource sales, establishing special bank accounts to hold and distribute revenues, primarily from crude oil, gold, minerals, and fertilizers.
• The report covers transactions from January to September 2026, showing that more than $12.26 billion was received from authorized entities, with nearly all funds distributed back to Venezuelan banks for foreign exchange interventions aimed at stabilizing the Venezuelan bolivar.
• Identities of depositors and final recipients remain redacted, but the report indicates approximately $9.4 billion went to legal entities and $2.9 billion to individuals within Venezuela.
• The US continues to emphasize control over Venezuelan resources as part of its political strategy, though Venezuelan rights activists express concern that oil revenues may be prioritized over democratic reforms.