The United States returned $500 million to the Venezuelan government from the initial oil sale on February 3rd.
According to Reuters, an official confirmed that the final $200 million from the initial oil sale has been sent to Venezuela. This deal happened after US military forces captured Venezuelan President Nicolás Maduro on January 3.
They have also announced that funds will be allocated to Venezuelans for their benefit and that the US government will decide how and when to spend them.
Last week, Secretary of State Marco Rubio told Congress that the US is helping to sell Venezuela’s oil only in the short term; their goal is to keep the country stable, ensure it doesn’t collapse, and provide help to the people.
He said the US government allowed them to sell oil so they could pay teachers, firefighters, and police officers to keep the country running and prevent it from falling apart.
The funds are temporarily held in Qatar. This was a short-term plan to ensure Venezuela received the funds needed to run the country.
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The official said that, in the future, proceeds from these sales would be held in a U.S. fund. The funds could then be used to cover costs or payments to the Venezuelan government or its agencies, provided the spending adheres to agreed rules.
Tanishka Jain is a Content Writer at TradeFlock with 2+ years of experience in business journalism, with a sharp eye for spotting trends shaping the industry. She has authored over 50 articles, specializing in business analyses that break down what's really moving the market. Her writing is engaging and accessible, built to help readers of all backgrounds make sense of business shifts. Several of her trend-based analyses have gone on to prove accurate, reflecting her strong read on where the market is headed. in
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