The Trump administration has returned more than $12 billion in revenue generated from Venezuelan oil sales since the removal of former President Nicolás Maduro in January, accounting for nearly 99% of the proceeds collected under a U.S.-managed arrangement, according to a report released Thursday by the State Department.

An independent review by accounting firm KPMG found that sales of Venezuelan crude oil, along with smaller amounts of gold, minerals and fertilizer, generated approximately $12.26 billion through September 30, the end of the 2026 budget year. Of that amount, $168.6 million remained in an escrow account managed by the U.S. Treasury Department, leaving nearly all of the revenue disbursed to Venezuela.

Under the arrangement reached with Venezuela's interim authorities, Venezuelan crude is sold on the international market, with the proceeds deposited into a U.S.-managed account. Venezuelan officials can then request approval to use the money for infrastructure projects, humanitarian needs and other government expenses.

The report provides an accounting of the country's oil revenue following the U.S. capture of Maduro, who was brought to New York to face drug-trafficking charges. The Trump administration subsequently assumed effective control over the country's struggling oil industry and established oversight mechanisms for the proceeds from resource sales.

Most of the more than $12 billion collected through September was returned through foreign exchange transactions involving commercial banks in Venezuela, allowing individuals and businesses in the country to receive funds. Another $133 million was used to directly pay for services and supplies needed by the Venezuelan government.

Among the transactions approved by the United States were $5 million for Miami-based law firm Greenberg Traurig, nearly $24 million for dialysis and coal-mining equipment, and $8.7 million to settle Venezuela's outstanding debts for vaccine purchases through the Pan American Health Organization.

The report did not identify the 20 companies that purchased Venezuelan oil and gold during the first nine months of 2026, with their names redacted from the public accounting.

However, all participating companies were required to undergo U.S. government screening for compliance with sanctions and anti-money laundering regulations. The oversight represents a significant change from previous arrangements, when Venezuela's government exercised far less external oversight over the management of its oil revenue.