Where Did Venezuela’s Oil Money Go? Lawmakers Want an Audit
Venezuela · Politics Key Facts Audit demand Venezuelan opposition figures and US lawmakers are pushing for an independent Government Accountability Office (GAO) review of roughly US$13 billion in US-managed oil revenue. Public gap Only about US$300 million of that total has been publicly accounted for, according to reports cited by the lawmakers. Fund control The […] The post Where Did…
The controversy surrounding Venezuela's frozen oil assets has reached a boiling point as lawmakers demand an independent audit of US-managed funds. The issue isn't merely about the money itself, but whether the US-managed arrangement has become opaque, eroding trust in the sanctions framework. Roughly $13 billion in oil proceeds has been accumulated under US control, but only about $300 million has been publicly accounted for, leaving a $12.7 billion gap.
The funds are held in US Treasury or bank-controlled accounts, with the State Department authorized to authorize disbursements. The arrangement was intended to prevent the money from reaching Nicolás Maduro, but the lack of transparency has made it difficult for Venezuelans to verify what's happening with their assets. The US has claimed the revenues are independently audited, but lawmakers say they haven't received the promised quarterly reports.
The demand for an independent audit, led by Senate Minority Leader Chuck Schumer and Senator Adam Schiff, has gained bipartisan support. A GAO audit would provide an unbiased assessment of how the funds are managed and who authorizes disbursements. This transparency request is not just about accountability, but also about ensuring the money is there and accounted for when needed for reconstruction, humanitarian aid, or infrastructure projects in a post-Maduro Venezuela.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
