Critical imports, denominated in dollars, of raw materials, agricultural machinery, and wholesale consumer goods accounted for 72% of disbursements made by the U.S. between January and September.
The U.S. State Department officially confirmed that more than $12 billion generated by oil operations in Venezuela had been “deposited and disbursed,” “within the framework of a controlled governance structure designed to promote transparency, accountability, and the protection of sovereign assets.”
The U.S. Department of State released the Report on Operations Conducted in the Venezuela Custody Account, where funds derived from basic economic activities such as oil and mining have been consolidated.
“The Venezuela Custody Account received deposits totaling $12,263.72 million from verified and approved entities conducting authorized activities related to Venezuela’s natural resources,” the report clarified.
“In accordance with requests from Venezuela’s interim government and consistent with approved spending parameters, the U.S. Department of State and Treasury have reviewed and executed disbursements totaling $12.111 million.”
Consequently, “as of September 30, 2026, $168.56 million remained in custody for future disbursements authorized in accordance with requests from the BCV on behalf of Venezuela’s interim government.”
The U.S. State Department emphasized that “multilevel authorization and compliance controls were implemented, and the distribution of funds was monitored through authorized economic and public-sector channels.”
Disbursements for foreign exchange intervention
The report reveals that the dollars disbursed through the foreign exchange intervention process circulated throughout the Venezuelan economy, but were concentrated in financing the food and consumer goods, business and administrative services, and agriculture sectors.
During the first nine months of this mechanism’s operation, “the United States Government established custody control over deposits of revenue from Venezuelan natural resources, implemented multilevel authorization and compliance controls, and monitored the distribution of funds through authorized economic and public-sector channels.”
The report notes that “critical imports denominated in dollars—including raw materials, agricultural machinery, and wholesale consumer goods—were leveraged. Together, these three categories accounted for 72% of total sectoral disbursements, indicating a strong emphasis on activities related to consumer goods, food availability, and commercial supply chains.”
The healthcare and pharmaceutical sectors also received a significant share of the allocations in U.S. dollars.
Companies received $9.37 billion over nine months
“Because sectoral classifications are available only for final beneficiaries identified as legal entities, the sectoral analysis reflects a contribution of $9.37 billion, or 76.5% of total reported expenditures, and excludes beneficiary categories for which sectoral information was unavailable.”
The report states that “the oversight and review carried out by the U.S. Department of State, the U.S. Treasury, and KPMG complement the existing compliance controls at Venezuelan commercial banks, U.S. correspondent banks, and other financial institutions, as well as those of financial regulators and supervisory agencies in the United States and Venezuela.”
The 53-page report details that physical dollars began arriving at the Central Bank of Venezuela’s coffers in July, according to the AFP report.
The money then passed through Venezuelan banks and was used to pay for goods and services.
These payments include $26 million to Landsteiner Scientific to purchase pharmaceutical kits for detecting Chagas disease, and $11 million to Allbe Enterprises for dialysis and hemophilia equipment.
With these funds, Venezuela also purchased oil equipment or paid the annual membership fee to join the G-24.
Distribution of controlled revenues
When the State Department analyzes the origins of the funds it has administered, it reports that $12,109.06 million came from oil activities; $108.02 million came from gold mining; $22 million came from the production of other minerals; and $24.64 million came from fertilizer exports.