Most of the money collected through September was distributed to individuals and businesses in Venezuela through foreign exchange transactions conducted with commercial banks. (AP Photo/Julia Demaree Nikhinson)
\n\nThe United States has returned more than $12 billion in proceeds from Venezuelan oil sales to the country since the ouster of former president Nicolás Maduro in January, accounting for nearly 99 per cent of the revenue collected under a deal with Venezuela’s interim authorities, according to an Associated Press report.
\n\nA report released by the US State Department on Thursday, citing an accounting review by KPMG, said sales of Venezuelan crude oil, along with smaller quantities of gold, minerals and fertiliser, generated approximately $12.26 billion.
\n\nAlmost all the proceeds were returned to Venezuela under an energy agreement reached with the country's interim administration, the report said.
\n\nAs of September 30, the end of the US 2026 budget year, approximately $168.6 million remained in an escrow account managed by the US Treasury Department.
\n\nHow Does The US Managed Oil Revenue System Work?
\n\nUnder the arrangement, Venezuelan crude is sold on the international market, with the proceeds deposited into a US-managed account. Venezuelan officials must then seek approval for the funds to be transferred…
Original source: https://www.timesnownews.com/latest-news
