Venezuela received $12bn in US-held revenues: report

Venezuela has received more than $12 billion from a US-controlled account holding the country's natural resource revenues since Nicolas Maduro was ousted, according to a KPMG report released by the US State Department.

The report said the Venezuela Custody Account received more than $12.26 billion between January 3 and September 30 from verified and approved entities involved in authorised activities related to Venezuelan natural resources. About $12.1 billion had been disbursed by September 30, while about $168.6 million remained in custody for future authorised payments.

The account is controlled by the US Treasury Department to manage Venezuelan export revenues after Maduro's removal. It was initially based in Qatar. Crude oil and petroleum-related deposits were the largest source of inflows, with other deposits linked to gold, minerals and fertilisers.

A US State Department official said the report was provided to Congress in early November and that the funds are Venezuela's property, held on behalf of the Venezuelan government.

Venezuela's interim government requests payments from the fund, the State Department approves requests against an agreed list of uses, and the Treasury Department makes the payments.

The report said one channel of disbursement was a currency intervention mechanism, and that more than 35 percent of funds distributed through that mechanism circulated through the food and consumer goods sector. Other sectors included administrative services, agriculture and health care.

Since Maduro's ouster, interim leader Delcy Rodriguez has led Venezuela while Washington-backed talks on the country's democratic future continue. The United States has eased a series of sanctions linked to the country.