The Daily Journal. — The U.S. Government Accountability Office (GAO) has launched an investigation into the fund through which the Donald Trump administration manages revenue generated from Venezuelan oil exports.
Representatives Joaquín Castro and Sean Casten, along with Senators Chris Van Hollen and Tim Kaine, requested the investigation. They are seeking information about the accounts used, the financial institutions involved, the fees charged, the payments authorized, and the oversight mechanisms governing revenue from Venezuelan crude sales.
The GAO confirmed to the Spanish newspaper ABC that it accepted the request and has already begun its review.
“The GAO has accepted the request to review aspects of the Venezuela Oil Fund. This work began recently and is currently underway,” GAO spokesperson Jessica Baxter told the newspaper.
So far, the watchdog agency has not disclosed the final scope of the investigation, the methodology it will follow, or the timeline for issuing its findings, ABC reported.
More than $13 billion
The review follows President Donald Trump’s acknowledgment that revenue generated from Venezuelan oil exports exceeds $13 billion.
The Financial Times previously estimated that Venezuelan oil sales had generated more than that amount through July. When reporters asked Trump about the figure, he replied, “I think it’s even more than that,” without specifying the exact amount.
The president also said the United States had recovered the cost of its military operation against Venezuela several times over and stated that Washington was receiving “billions and billions of dollars” from the South American country.
However, the U.S. administration has not released a consolidated financial statement showing total revenue, deductions, fees, available balances, or transfers made to the Venezuelan government.
Lawmakers seek detailed information
According to ABC, the four lawmakers want a full accounting of every bank account used to manage Venezuelan oil revenue, including their locations, the participating financial institutions, and the trading companies involved.
They are also requesting information on the fees charged, the payments approved, and the safeguards designed to prevent fraud, corruption, money laundering, waste, and conflicts of interest.
The investigation will also examine the roles of the Departments of State, Energy, and the Treasury, as well as companies and contractors participating in the fund’s management system.
Under Washington’s framework, U.S. authorities determine which companies may purchase, transport, refine, or market Venezuelan oil and designate where the proceeds from those transactions must be deposited.
After each sale, buyers deposit the funds into escrow accounts designated by the U.S. Treasury. Once operators deduct transaction costs, Washington retains control of the remaining funds, and the Venezuelan government must justify any payments it seeks to make.
The State Department decides whether to approve transfers, while the Treasury carries out the payments. As State Department official Michael Kozak told Congress, “It’s their money, but they have to get our permission.”
Treasury defends the system
The Treasury Department defended its management of the funds in comments to ABC, stating that Delcy Rodríguez’s government has had timely access to the money.
“The United States Government continues to support Venezuela’s stabilization and economic recovery, especially after the recent and devastating earthquakes,” a Treasury official told the Spanish newspaper.
The same official said Washington has worked with the Venezuelan government since January to release funds for official expenditures, including public payroll and liquidity for the financial system.
“Compliance oversight exists to ensure the funds benefit the Venezuelan people, and the resources have remained available to the Venezuelan government without delay,” the official added.
Nevertheless, ABC noted that the U.S. government has not provided documentation allowing the public to verify those statements. Treasury officials have also not identified the entity responsible for oversight, the transactions reviewed, or the results of those reviews.
Audit still lacks public results
The Trump administration announced plans to hire an outside firm to audit the accounts. Michael Kozak later identified KPMG as the company responsible for reviewing balances, revenue, transfers, and the use of the funds.
According to ABC, the newspaper contacted KPMG to learn more about the scope of its work and whether it had produced any reports, but the firm did not respond. The Department of Energy, which reportedly helped coordinate the audit, also declined to comment.
Treasury Secretary Scott Bessent acknowledged in February that the administration had not yet finalized a formal audit agreement, even though the system had already begun handling hundreds of millions of dollars. Kozak later stated that KPMG was auditing the accounts and that the administration would publish quarterly reports. As of late July, those reports had not appeared.
Only one transfer published by Caracas
U.S. officials have released only partial figures regarding the money transferred through the system.
The first known oil sale generated about $500 million, and authorities transferred $300 million to cover public-sector salaries. In March, Energy Secretary Chris Wright said cumulative sales had reached roughly $1 billion and estimated that Venezuela could receive as much as $1.5 billion per month.
In April, Kozak stated that authorities had already sent about $3 billion to Venezuela. In July, the State Department referred only to “billions of dollars” transferred into the Venezuelan economy.
Officials did not accompany any of those figures with a public accounting that reconciles revenue, deductions, available balances, and transfers.
Delcy Rodríguez’s government also launched a website called Transparencia Soberana to disclose how authorities use the funds. However, since March, the site has displayed only a single $300 million transfer.
With reporting from ABC.
