Washington/Between January and September, the United States managed more than 12 billion dollars from the sale of Venezuelan natural resources, mainly oil, through a custody system to supervise and authorize the use of these income by the interim Government of Delcy Rodríguez, according to a State Department report.
Since the capture of Nicolás Maduro in Caracas, these income have been channeled through an account guarded by the United States, so the Central Bank of Venezuela (BCV) must request its release on behalf of the interim Government and justify its destination.
“The report shows that the process is working. For years, a kleptocracy plundered Venezuela’s oil wealth. Now, less than a year after the creation of the Venezuelan Custody Account, those revenues benefit the Venezuelan people,” sources from the State Department told EFE.
The document, prepared by the KPMG audit and whose content had been advanced The New York Timesnotes that deposits exceeded $12.26 billion during the first nine months of the year.
“For years, a kleptocracy looted Venezuela’s oil wealth. Now, less than a year after the creation of the Venezuela Escrow Account, those revenues benefit the Venezuelan people”
Until the end of September, the Administration of the American Donald Trump had authorized disbursements of 12.11 billion dollars, while another 168.56 million remained in custody for future authorized operations.
The funds were mainly used to supply dollars to the Venezuelan banking system through exchange intervention mechanisms.
The Central Bank of Venezuela allocates foreign currency to commercial banks, which subsequently distribute it to companies and individuals, with the aim of providing liquidity to the market and supporting the stability of the bolivar.
The program also included sending dollars in cash and payments to suppliers.
The mechanism started in January, when an account of the Central Bank of Venezuela in a Qatari bank was used in which the first 500 million dollars were deposited.
This provisional solution allowed the oil revenues to be received and protected against possible seizures by creditors while the US Treasury account was established, which assumed custody operations at the end of that month.
