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KPMG report: Washington sees every BCV dollar sale, and shows the public only totals

Vene Economist · 2026-11-13

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It is dated October 29, runs 53 pages and has the depositors' names redacted. According to the document, between January 3 and September 30 the account took in $12.26 billion and disbursed $12.11 billion, nearly all of it as dollars the Central Bank of Venezuela (BCV) sold to companies and individuals. The report also shows that the BCV hands Washington every one of those sales with the buyer's tax ID, and that what was released is only the totals. 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Totals by sector and bank were released; the rate of each sale and the names are not there.</p><div class="text-[11px] text-muted-foreground/60 mt-3.5">Published<!-- --> <!-- -->November 13, 2026</div></header><div class="prose prose-sm dark:prose-invert max-w-none
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  <span style="font-family:monospace;font-size:9px;letter-spacing:3px;color:#3D6E8F;text-transform:uppercase;">◆ Explainer · FX and transparency</span>
  <span style="font-family:monospace;font-size:9px;letter-spacing:1px;color:#7C7B79;text-transform:uppercase;">Figures as of September 30, 2026 · report released November 12</span>
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<p style="font-size:16.5px;line-height:1.7;color:#E8E6E1;margin:0 0 26px;">On November 12, the State Department released KPMG's report on the account where the United States holds Venezuela's oil revenue in custody. It is dated October 29, runs 53 pages and has the depositors' names redacted. According to the document, between January 3 and September 30 the account took in $12.26 billion and disbursed $12.11 billion, nearly all of it as dollars the Central Bank of Venezuela (BCV) sold to companies and individuals. The report also shows that the BCV hands Washington every one of those sales with the buyer's tax ID, and that what was released is only the totals.</p>
<h2 style="font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;">An advisor's report, not an audit</h2>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">KPMG appears as the State Department's technical advisor, and the text is explicit: its services "do not constitute audit or attestation services under applicable professional standards."</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">Before Congress, the State Department had described it as an audit. On April 16, at the House Western Hemisphere Subcommittee, Ambassador Michael Kozak, senior bureau official for Western Hemisphere Affairs, answered that the account had an independent audit system run by KPMG, which would deliver reports, quarterly as he understood it, and review operations back to the beginning. On June 3, at the House Foreign Affairs Committee, Secretary of State Marco Rubio said the account was audited by KPMG, that the audit was ongoing rather than annual, and that every disbursement went through it. The report released on November 12 covers nine months, January through September.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The report itself says who pays for that work. The State Department hired KPMG "using Venezuelan funds," under a memorandum of understanding with the interim government, and the account's payment table records a $18.2 million outflow to KPMG LLP on April 10 for financial oversight. In USASpending, the federal contracts database, the order with the firm totals $14.9 million obligated and drew a single offer.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">Neither document explains the gap between the two figures.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">Nor does it report control results. It describes procedures (depositor reviews, statistical sampling of recipients, vendor due diligence) and notes that not all of them were in place from January: the process "has been iterative." Until April, when KPMG came in, vendor payments were reviewed by Citibank under its own controls. The document mentions recipients "previously identified as high risk," but does not say how many there were or how many deposits or payments were rejected.</p>
<h2 style="font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;">Who deposited, and how much</h2>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">According to the report, 20 approved depositors provided the $12.26 billion. Oil, petroleum products and one gas transaction made up 98.7%; the rest came from gold ($108 million, all in March), minerals and fertilizer. The account also earned $12.5 million in interest. The descriptions left visible include crude, fuel oil, liquefied petroleum gas, commercial aviation fuel and primary aluminum.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The names are redacted. The two largest depositors accounted for more than 60% and the top three for almost three quarters; from January through March, the document says, "several global commodity traders" made virtually all payments.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The New York Times attributed most of the money to Trafigura and Vitol; the released version does not allow that to be checked.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The flow was not steady. Deposits peaked in May at about $2.4 billion and totaled about $3.3 billion in the third quarter, 45% less than in the second. Over those three months about $3.85 billion went out, more than came in, and the balance fell from $1.075 billion at the end of May to $169 million on September 30: less than four days of deposits at the period's average.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The report does not explain the drop in inflows.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The monthly figures make it possible to test the most widely cited independent estimate. Working from exports, Transparencia Venezuela estimated that the fund was owed $12.5 billion to $13.6 billion from January to June; the report records almost $9 billion for that half. The organization cautioned that exports are paid for at 30 to 90 days and that the amount actually received could be lower. The report does not reconcile its figures with exports, so the gap, between $3.5 billion and $4.6 billion, remains without a documented explanation.</p>
<h2 style="font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;">Since April, the BCV sets the price</h2>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">Through March 30, the BCV sold the dollars in 101 public auctions: individuals and companies bid, through their bank, how much they wanted to buy and at what exchange rate, and the central bank set only the volume. That channel moved about $2.1 billion. Since March 31 the mechanism has been different: the BCV allocates the dollars to each bank on its own criteria (liquidity needs, macroeconomic targets, banks' bolívar balances, historical participation) and at "a fixed exchange rate" that it sets. That channel moved about $9.3 billion through September, almost four of every five dollars sold.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The report also describes the other side of each sale. When the BCV allocates dollars to a bank, it debits the equivalent in bolívares, and according to the document those bolívares are then used "for government expenditures, such as to fund public sector payrolls"; taking them out of circulation lets the state, it says, meet its budget needs "without printing unbacked currency." In the currency sales, the same text specifies, no dollars went to government entities.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">According to the report, then, the oil dollar goes to whoever buys it, and its counterpart in bolívares to state spending.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The figure that decides who gains from that circuit is the rate, and the report does not publish it: it does not say at what exchange rate each allocation was made or how it compared with the price of a dollar outside the official channel. With a fixed rate, every dollar allocated below what it costs outside that channel is a transfer to whoever receives it, and without the rate it cannot be measured.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">Since July there has been a third channel: banknotes. After the June earthquakes, the State Department authorized using account funds to import cash; five shipments brought in about $550 million, of which $357 million had been distributed by September 30, nearly all of it to businesses.</p>
<h2 style="font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;">Who received the dollars</h2>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">Using the data banks report to the BCV, the report classifies recipients: companies received 77%, about $9.4 billion, and individuals 23%, about $2.9 billion. Those figures also include dollars from another source: Venezuela withdrew $346 million from its reserve tranche at the IMF, which was commingled in the same BCV operating account.</p>

<figure style="margin:26px 0 30px;padding:20px 18px 16px;background:rgba(255,255,255,0.025);border:1px solid rgba(255,255,255,0.08);border-radius:10px;">
  <figcaption style="font-family:'JetBrains Mono',monospace;font-size:9.5px;letter-spacing:1.6px;text-transform:uppercase;color:#5C5B59;margin:0 0 16px;">Dollars sold to companies, by sector (Jan–Sep 2026)</figcaption>
  <div style="margin:0 0 14px;">
    <div style="display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;">
      <span style="font-size:13px;line-height:1.4;color:#E8E6E1;">Food and consumer goods</span>
      <span style="font-family:'JetBrains Mono',monospace;font-size:12px;color:#3D6E8F;white-space:nowrap;">35.8%</span>
    </div>
    <div style="height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;">
      <div style="width:35.75%;height:100%;background:#3D6E8F;border-radius:4px;"></div>
    </div>
    
  </div>
  <div style="margin:0 0 14px;">
    <div style="display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;">
      <span style="font-size:13px;line-height:1.4;color:#E8E6E1;">Business and administrative services</span>
      <span style="font-family:'JetBrains Mono',monospace;font-size:12px;color:#3D6E8F;white-space:nowrap;">23.7%</span>
    </div>
    <div style="height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;">
      <div style="width:23.69%;height:100%;background:#3D6E8F;border-radius:4px;"></div>
    </div>
    <div style="font-size:12px;line-height:1.5;color:#9B9A97;margin-top:6px;">The report does not say which activities it groups.</div>
  </div>
  <div style="margin:0 0 14px;">
    <div style="display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;">
      <span style="font-size:13px;line-height:1.4;color:#E8E6E1;">Agriculture</span>
      <span style="font-family:'JetBrains Mono',monospace;font-size:12px;color:#3D6E8F;white-space:nowrap;">12.6%</span>
    </div>
    <div style="height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;">
      <div style="width:12.58%;height:100%;background:#3D6E8F;border-radius:4px;"></div>
    </div>
    
  </div>
  <div style="margin:0 0 14px;">
    <div style="display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;">
      <span style="font-size:13px;line-height:1.4;color:#E8E6E1;">Healthcare and pharmaceuticals</span>
      <span style="font-family:'JetBrains Mono',monospace;font-size:12px;color:#5F8AA6;white-space:nowrap;">5.7%</span>
    </div>
    <div style="height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;">
      <div style="width:5.68%;height:100%;background:#5F8AA6;border-radius:4px;"></div>
    </div>
    
  </div>
  <div style="margin:0 0 14px;">
    <div style="display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;">
      <span style="font-size:13px;line-height:1.4;color:#E8E6E1;">Technology and professional services</span>
      <span style="font-family:'JetBrains Mono',monospace;font-size:12px;color:#5F8AA6;white-space:nowrap;">5.6%</span>
    </div>
    <div style="height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;">
      <div style="width:5.58%;height:100%;background:#5F8AA6;border-radius:4px;"></div>
    </div>
    
  </div>
  <div style="margin:0 0 14px;">
    <div style="display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;">
      <span style="font-size:13px;line-height:1.4;color:#E8E6E1;">Industrial and manufacturing</span>
      <span style="font-family:'JetBrains Mono',monospace;font-size:12px;color:#5F8AA6;white-space:nowrap;">4.1%</span>
    </div>
    <div style="height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;">
      <div style="width:4.07%;height:100%;background:#5F8AA6;border-radius:4px;"></div>
    </div>
    
  </div>
  <div style="margin:0 0 14px;">
    <div style="display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;">
      <span style="font-size:13px;line-height:1.4;color:#E8E6E1;">Nine other sectors</span>
      <span style="font-family:'JetBrains Mono',monospace;font-size:12px;color:#5F8AA6;white-space:nowrap;">12.6%</span>
    </div>
    <div style="height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;">
      <div style="width:12.65%;height:100%;background:#5F8AA6;border-radius:4px;"></div>
    </div>
    
  </div>
  <p style="font-family:'JetBrains Mono',monospace;font-size:9.5px;letter-spacing:0.8px;color:#5C5B59;margin:12px 0 0;">KPMG report for the State Department, figure 28. Base: $9.367 billion sold to companies.</p>
</figure>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The report concludes that food, business services and agriculture, together 72%, show an emphasis on "basic consumer needs." The second category fits that reading poorly: "business and administrative services" received about $2.2 billion, almost a quarter of what went to companies, and the document does not say which activities it groups. Food and agriculture add up to 48%.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The breakdown by bank is complete. Twenty banks received dollars and five took 83%. The largest channel was Banco de Venezuela, with almost $2.9 billion, one of every four dollars sold. In January it had received nothing: the first $500 million was split among Banesco, Mercantil, Provincial and Banco Nacional de Crédito.</p>

<figure style="margin:26px 0 30px;padding:20px 18px 16px;background:rgba(255,255,255,0.025);border:1px solid rgba(255,255,255,0.08);border-radius:10px;">
  <figcaption style="font-family:'JetBrains Mono',monospace;font-size:9.5px;letter-spacing:1.6px;text-transform:uppercase;color:#5C5B59;margin:0 0 14px;">Dollars sold by bank, Jan–Sep 2026</figcaption>
  <div style="overflow-x:auto;-webkit-overflow-scrolling:touch;">
  <table style="width:100%;min-width:520px;border-collapse:collapse;margin:0;">
    <thead><tr><th style="text-align:left;font-family:'JetBrains Mono',monospace;font-size:9px;letter-spacing:1.3px;text-transform:uppercase;color:#5C5B59;font-weight:400;padding:0 12px 10px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Bank</th><th style="text-align:left;font-family:'JetBrains Mono',monospace;font-size:9px;letter-spacing:1.3px;text-transform:uppercase;color:#5C5B59;font-weight:400;padding:0 12px 10px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Total</th><th style="text-align:left;font-family:'JetBrains Mono',monospace;font-size:9px;letter-spacing:1.3px;text-transform:uppercase;color:#5C5B59;font-weight:400;padding:0 12px 10px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Share</th></tr></thead>
    <tbody><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Banco de Venezuela</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$2,879M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">24%</td></tr><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Banesco</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$1,847M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">16%</td></tr><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Mercantil</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$1,713M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">15%</td></tr><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Provincial (BBVA)</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$1,694M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">14%</td></tr><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Banco Nacional de Crédito</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$1,672M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">14%</td></tr><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">15 other banks</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$1,962M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">17%</td></tr></tbody>
  </table></div>
  <p style="font-family:'JetBrains Mono',monospace;font-size:9.5px;letter-spacing:0.8px;color:#5C5B59;margin:12px 0 0;">KPMG report for the State Department, section 8.2: auctions, allocations and banknotes already distributed ($11,767M).</p>
</figure>
<h2 style="font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;">What the account paid directly</h2>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">Outside the FX channel, the account paid $133.1 million to vendors, organizations and central banks between March and September, at the BCV's request and with State Department and Treasury sign-off. Before the release, The New York Times described that amount as Venezuelan government debts, mostly to other governments and international organizations.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The published table shows a different mix.</p>

<figure style="margin:26px 0 30px;padding:20px 18px 16px;background:rgba(255,255,255,0.025);border:1px solid rgba(255,255,255,0.08);border-radius:10px;">
  <figcaption style="font-family:'JetBrains Mono',monospace;font-size:9.5px;letter-spacing:1.6px;text-transform:uppercase;color:#5C5B59;margin:0 0 14px;">Direct payments from the account, Mar–Sep 2026</figcaption>
  <div style="overflow-x:auto;-webkit-overflow-scrolling:touch;">
  <table style="width:100%;min-width:520px;border-collapse:collapse;margin:0;">
    <thead><tr><th style="text-align:left;font-family:'JetBrains Mono',monospace;font-size:9px;letter-spacing:1.3px;text-transform:uppercase;color:#5C5B59;font-weight:400;padding:0 12px 10px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Destination</th><th style="text-align:left;font-family:'JetBrains Mono',monospace;font-size:9px;letter-spacing:1.3px;text-transform:uppercase;color:#5C5B59;font-weight:400;padding:0 12px 10px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Amount</th><th style="text-align:left;font-family:'JetBrains Mono',monospace;font-size:9px;letter-spacing:1.3px;text-transform:uppercase;color:#5C5B59;font-weight:400;padding:0 12px 10px 0;border-bottom:1px solid rgba(255,255,255,0.08);">What was paid for</th></tr></thead>
    <tbody><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Healthcare</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$57.4M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Medicines and Chagas tests for the IVSS social security institute; dialysis and hemophilia supplies; commitments to PAHO's revolving fund</td></tr><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Energy, mining and utilities</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$36.3M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Coal mining equipment; oilfield services; turbine parts for the Termozulia III plant; catalysts for Pequiven's ammonia plants</td></tr><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">KPMG LLP</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$18.2M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Financial oversight</td></tr><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Banknote logistics</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$5.3M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Moneycorp, Numisma and air transport</td></tr><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Passports</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$5.2M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Polycarbonate sheets for biometric passports</td></tr><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Greenberg Traurig LLP</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$5.0M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Legal and professional advisory services</td></tr><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Other</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$4.0M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Market data, diplomatic premises, a screening platform, aluminum fluoride, limited assurance</td></tr><tr><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">Organizations and memberships</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">$1.7M</td><td style="vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);">ALADI, G-24, CEMLA and CFATF</td></tr></tbody>
  </table></div>
  <p style="font-family:'JetBrains Mono',monospace;font-size:9.5px;letter-spacing:0.8px;color:#5C5B59;margin:12px 0 0;">KPMG report for the State Department, figure 25; our grouping. The total includes three returned payments the ledger still carries as debits.</p>
</figure>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">International organizations and central banks received about $10 million, PAHO included, less than 8% of the total. Healthcare was the largest item, and KPMG's equals 14% of all direct payments in the period. The table also records $155,000 to BDO, a service provider to the BCV, for "limited assurance" covering May and June, a review whose results the report does not include.</p>
<h2 style="font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;">The full list is already in Washington</h2>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">Until the release, the information needed to know who gained from the oil revenue seemed split between the two governments, as <a href="/analisis/cuenta-custodia-venezuela-kpmg-subastas-divisas-bcv-2026" style="color:#3D6E8F;text-decoration:none;">our November 11 piece</a> argued: Washington with the deposits, Caracas with the buyers. The report shows that the second half reaches Washington too. The BCV gives the State Department and KPMG the detail of every dollar sale, classified by the buyer's tax ID, and for each banknote delivery banks report the recipient's tax identification number and the serial numbers.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">From that list, totals by recipient type, sector and bank were released. Both governments hold the buyers' names; the BCV sets the rate for each allocation. The price of each cargo does not appear in the report either.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">On the Venezuelan side, the contrast is starker. In August, Transparencia Venezuela found no mechanism by the interim government that would show the amount administered or where the funds went, and the official record added up to about $300 million. KPMG's report, even with its redactions, releases the monthly flow, the breakdown by bank and sector, and every direct payment with name and amount.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The precedent involving the same firm looked different. In 2004, KPMG audited Iraqi crude sales and the fund they were paid into, under an engagement approved by an international advisory board, which published those audits. In the Venezuelan account, the firm acts as technical advisor, is paid from the account it reviews and delivers its report to the State Department, which decided what was redacted.</p>
<h2 style="font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;">What to watch</h2>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The report says it "may be updated" with new data, with no date for the next one. Three things will show whether the circuit changes: a future report that includes control results (rejected deposits, excluded recipients, withheld amounts) and not just procedures; publication by the BCV or the State Department of the rate for each allocation; and fourth-quarter deposits, which will show whether the third-quarter drop was temporary.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">For anyone importing, lending or setting prices in Venezuela, the report leaves a practical conclusion: access to the official dollar depends on a bank-by-bank allocation on the BCV's criteria and on an inflow that Washington authorizes payment by payment and that fell 45% between July and September.</p>
<p style="font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;">The rate at which it is allocated is still not published.</p>

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  <summary style="cursor:pointer;list-style:none;padding:14px 18px;font-family:'JetBrains Mono',monospace;font-size:10px;letter-spacing:1.8px;color:#9B9A97;text-transform:uppercase;font-weight:600;">Sources ▾</summary>
  <ul style="list-style:none;padding:0 18px 18px;margin:0;border-top:1px solid rgba(255,255,255,0.06);">
    <li style="padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;"><strong>State Department / KPMG</strong> — "Report on Venezuela Custody Account Operations," Jan–Sep 2026, dated Oct 29, 2026. — <a href="https://www.state.gov/wp-content/uploads/2026/11/Report-on-Venezuela-Custody-Account-Operations-January-September-2026.pdf" style="color:#3D6E8F;text-decoration:none;">state.gov</a></li>
    <li style="padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;"><strong>State Department</strong> — report page on the custody account, Nov 12, 2026. — <a href="https://www.state.gov/report-on-venezuela-custody-account-operations" style="color:#3D6E8F;text-decoration:none;">state.gov</a></li>
    <li style="padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;"><strong>State Department</strong> — order 19AQMM26F0357 with KPMG LLP, USASpending, accessed Nov 12, 2026. — <a href="https://api.usaspending.gov/api/v2/awards/CONT_AWD_19AQMM26F0357_1900_GS00F275CA_4732/" style="color:#3D6E8F;text-decoration:none;">usaspending.gov</a></li>
    <li style="padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;"><strong>Reuters</strong> — State Department release of the report, Nov 12, 2026. — <a href="https://boereport.com/2026/11/12/us-handled-12-billion-of-venezuelas-oil-revenues-report-says/" style="color:#3D6E8F;text-decoration:none;">boereport.com</a></li>
    <li style="padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;"><strong>The New York Times</strong> — story on the KPMG report, Nov 10, 2026. — <a href="https://www.inquirer.com/news/nation-world/veneuela-oil-natural-resource-revenues-us-receive-disburse-kmg-report-rubio-20261110.html" style="color:#3D6E8F;text-decoration:none;">inquirer.com</a></li>
    <li style="padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;"><strong>State Department</strong> — Michael Kozak before the House Western Hemisphere Subcommittee, hearing video, Apr 16, 2026. — <a href="https://www.youtube.com/watch?v=arx5z3ayQxA" style="color:#3D6E8F;text-decoration:none;">youtube.com</a></li>
    <li style="padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;"><strong>State Department</strong> — Marco Rubio before the House Foreign Affairs Committee, hearing, Jun 3, 2026. — <a href="https://foreignaffairs.house.gov/committee-activity/hearings/department-of-state-fy-2027-budget-request-a-commitment-to-america-first-foreign-policy" style="color:#3D6E8F;text-decoration:none;">foreignaffairs.house.gov</a></li>
    <li style="padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;"><strong>Transparencia Venezuela</strong> — "Tras la pista del fondo," Aug 4, 2026. — <a href="https://transparenciave.org/wp-content/uploads/2026/08/Tras-la-pista-del-fondo_4-Agosto-2026-1.pdf" style="color:#3D6E8F;text-decoration:none;">transparenciave.org</a></li>
    <li style="padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;"><strong>Transparencia Venezuela</strong> — accountability for the oil fund, Aug 10, 2026. — <a href="https://www.infobae.com/venezuela/2026/08/10/exigen-a-delcy-rodriguez-precisar-cuanto-recibio-y-en-que-utilizo-el-dinero-enviado-por-estados-unidos/" style="color:#3D6E8F;text-decoration:none;">infobae.com</a></li>
    <li style="padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;"><strong>IAMB</strong> — statement on KPMG's reports on the Development Fund for Iraq, Jul 15, 2004. — <a href="https://reliefweb.int/report/iraq/statement-iamb-release-kpmg-audit-reports-development-fund-iraq" style="color:#3D6E8F;text-decoration:none;">reliefweb.int</a></li>
  </ul>
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Does not constitute investment, legal or tax advice. Vene Economist is not a credit rating agency; the &quot;VE Verdict&quot; is a proprietary editorial indicator, not a credit rating. Always verify against the primary source before making decisions.</div></article><section class="border-t border-border mt-12 pt-8 pb-2 px-6 md:px-10 max-w-[1100px] mx-auto"><h2 class="font-mono text-[10px] tracking-[2.5px] uppercase text-muted-foreground mb-4">Topics</h2><div class="flex flex-wrap gap-2"><a class="font-mono text-xs px-3 py-1.5 rounded-full border border-border/50 text-foreground/90 hover:border-[#A52722]/60 hover:text-[#A52722] transition-colors" href="/en/topics/bcv">Central Bank of Venezuela</a></div></section><section class="border-t border-border mt-20 pt-14 pb-20 px-6 md:px-10 max-w-[1200px] mx-auto"><div class="flex items-baseline justify-between mb-10"><h2 class="font-mono text-[10px] tracking-[2.5px] uppercase text-muted-foreground">FURTHER READING</h2><span class="font-mono text-[9px] tracking-[2px] uppercase text-muted-foreground/40">04</span></div><div class="grid grid-cols-1 md:grid-cols-2 gap-x-10 gap-y-10"><a href="/en/pulse/ve-pulse-0176-13-11-2026" class="group block border-t border-border pt-6 transition-colors hover:border-foreground/40"><div class="flex items-start justify-between gap-4 mb-4"><span class="font-mono text-[10px] tracking-[2px] uppercase text-[#A52722] leading-[1.4]">VE PULSE · 13-NOV-2026</span><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-arrow-up-right h-4 w-4 text-muted-foreground/30 group-hover:text-foreground transition-colors shrink-0 mt-0.5" aria-hidden="true"><path d="M7 7h10v10"></path><path d="M7 17 17 7"></path></svg></div><h3 class="text-[17px] font-medium leading-[1.4] text-foreground group-hover:text-[#A52722] transition-colors mb-3 text-balance line-clamp-3">CITGO sale: Elliott&#x27;s bid for PDVSA&#x27;s refiner is now below its projected 2026 EBITDA</h3><p class="text-[13px] text-muted-foreground leading-[1.7] line-clamp-2">A Delaware court set a $5.9 billion price for CITGO&#x27;s parent in 2025. The refining cycle has since changed scale, and the sale, still waiting on the Treasury, carries the old price.</p></a><a href="/en/analisis/cuenta-custodia-venezuela-kpmg-subastas-divisas-bcv-2026" class="group block border-t border-border pt-6 transition-colors hover:border-foreground/40"><div class="flex items-start justify-between gap-4 mb-4"><span class="font-mono text-[10px] tracking-[2px] uppercase text-[#A52722] leading-[1.4]">ANÁLISIS · MACRO · DIVISAS Y TRANSPARENCIA</span><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-arrow-up-right h-4 w-4 text-muted-foreground/30 group-hover:text-foreground transition-colors shrink-0 mt-0.5" aria-hidden="true"><path d="M7 7h10v10"></path><path d="M7 17 17 7"></path></svg></div><h3 class="text-[17px] font-medium leading-[1.4] text-foreground group-hover:text-[#A52722] transition-colors mb-3 text-balance line-clamp-3">Venezuela FX auctions: who ended up with $11.7 billion in oil dollars</h3><p class="text-[13px] text-muted-foreground leading-[1.7] line-clamp-2">According to KPMG&#x27;s report, 95% of the custody account went back to Caracas for the BCV&#x27;s currency sales. The dollars went to whoever got an allocation, and neither government publishes their names.</p></a><a href="/en/intelligence/ofac/gl-5aa-pdvsa-2020-bonds" class="group block border-t border-border pt-6 transition-colors hover:border-foreground/40"><div class="flex items-start justify-between gap-4 mb-4"><span class="font-mono text-[10px] tracking-[2px] uppercase text-[#A52722] leading-[1.4]">OFAC · GL 5AA</span><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-arrow-up-right h-4 w-4 text-muted-foreground/30 group-hover:text-foreground transition-colors shrink-0 mt-0.5" aria-hidden="true"><path d="M7 7h10v10"></path><path d="M7 17 17 7"></path></svg></div><h3 class="text-[17px] font-medium leading-[1.4] text-foreground group-hover:text-[#A52722] transition-colors mb-3 text-balance line-clamp-3">GL 5AA — PdVSA 2020 8.5% Bond (on or after December 18, 2026)</h3><p class="text-[13px] text-muted-foreground leading-[1.7] line-clamp-2">Authorizes, on or after December 18, 2026, transactions related to, the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 percent bond that would otherwise be prohibited by subsection 1(a)(iii) of E.O. 13835. Replaces and supersedes GL 5Z in its entirety effective November 4, 2026, moving the effective date from November 5 to December 18, 2026. Until then no authorization is in effect: the sale or transfer of the CITGO Holding shares pledged against the bond remains prohibited absent a specific OFAC license.</p></a><a href="/en/inteligencia/sector-brief/ve-risk-noviembre-2026" class="group block border-t border-border pt-6 transition-colors hover:border-foreground/40"><div class="flex items-start justify-between gap-4 mb-4"><span class="font-mono text-[10px] tracking-[2px] uppercase text-[#A52722] leading-[1.4]">SECTOR BRIEF · VE-RISK</span><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-arrow-up-right h-4 w-4 text-muted-foreground/30 group-hover:text-foreground transition-colors shrink-0 mt-0.5" aria-hidden="true"><path d="M7 7h10v10"></path><path d="M7 17 17 7"></path></svg></div><h3 class="text-[17px] font-medium leading-[1.4] text-foreground group-hover:text-[#A52722] transition-colors mb-3 text-balance line-clamp-3">Venezuela country risk November 2026: the investor’s license is Washington’s lever</h3><p class="text-[13px] text-muted-foreground leading-[1.7] line-clamp-2">Marco Rubio said on October 26 that general licenses are the incentive keeping the process moving and that there are no irreversible concessions: the same authorization that underpins a contract is the lever on the calendar. November tests it with the court’s scoring scale on the 5th and 6th, the close of nominations on the 11th and the fourth round from the 11th to the 15th. The election still has no day, and the VE-RISK of 47 measures none of this.</p></a></div></section><!--$--><!--/$--></main><footer class="bg-background pt-16 pb-8 border-t border-border"><div class="px-10 max-w-[1200px] mx-auto grid grid-cols-1 md:grid-cols-3 gap-12 mb-12"><div class="md:col-span-1"><div class="font-serif uppercase select-none mb-4 whitespace-nowrap" style="font-size:24px;font-weight:700;letter-spacing:0.015em;line-height:1;color:var(--editorial-red);text-rendering:optimizeLegibility;-webkit-font-smoothing:antialiased;-moz-osx-font-smoothing:grayscale;font-feature-settings:&quot;kern&quot;, &quot;liga&quot;, &quot;calt&quot;">VENE<span aria-hidden="true" style="display:inline-block;margin:0 0.25em;color:var(--text,#E8E6E1);font-weight:400">·</span>ECONOMIST</div><p class="text-[13px] text-[var(--text-dim)] leading-[1.6] font-light max-w-[320px] mb-5">Data intelligence with expert editorial curation on Venezuela.</p><div class="flex flex-wrap gap-2"><span class="font-mono text-[8.5px] tracking-[0.06em] text-[var(--text-muted)] border border-[rgba(255,255,255,0.08)] rounded-[3px] px-2.5 py-1.5 whitespace-nowrap">Not an RIA / SEC</span><span class="font-mono text-[8.5px] tracking-[0.06em] text-[var(--text-muted)] border border-[rgba(255,255,255,0.08)] rounded-[3px] px-2.5 py-1.5 whitespace-nowrap">Not a credit rating agency</span><span class="font-mono text-[8.5px] tracking-[0.06em] text-[var(--text-muted)] border border-[rgba(255,255,255,0.08)] rounded-[3px] px-2.5 py-1.5 whitespace-nowrap">Not a broker-dealer</span></div></div><div><h4 class="font-mono text-[9px] tracking-[0.15em] uppercase text-text mb-5">Intelligence</h4><ul class="flex flex-col gap-3"><li><a class="font-sans text-[13px] text-[var(--text-dim)] hover:text-white transition-colors" href="/en/pulse">VE Pulse (Daily)</a></li><li><a class="font-sans text-[13px] text-[var(--text-dim)] hover:text-white transition-colors" href="/en/analysis">Analysis</a></li><li><a class="font-sans text-[13px] text-[var(--text-dim)] hover:text-white transition-colors" href="/en/intelligence">Sector Briefs</a></li><li><a class="font-sans text-[13px] text-[var(--text-dim)] hover:text-white transition-colors" href="/en/intelligence">Sector Outlooks</a></li><li><a class="font-sans text-[13px] text-[var(--text-dim)] hover:text-white transition-colors" href="/en/intelligence">Country Report</a></li><li><a class="font-sans text-[13px] text-[var(--text-dim)] hover:text-white transition-colors" href="/en/data">Data Hub</a></li><li><a class="font-sans text-[13px] text-[var(--text-dim)] hover:text-white transition-colors" href="/en/topics">Topics</a></li></ul></div><div><h4 class="font-mono text-[9px] tracking-[0.15em] uppercase text-text mb-5">Legal &amp; Company</h4><ul class="flex flex-col gap-3"><li><a class="font-sans text-[13px] text-[var(--text-dim)] hover:text-white transition-colors" href="/en/about">The firm</a></li><li><a class="font-sans text-[13px] text-[var(--text-dim)] hover:text-white transition-colors" href="/en/editorial-team">Editorial team</a></li><li><a class="font-sans text-[13px] text-[var(--text-dim)] hover:text-white transition-colors" href="/en/methodology">Editorial standards</a></li><li><a class="font-sans text-[13px] text-[var(--text-dim)] hover:text-white transition-colors" href="/en/pricing">Subscriptions</a></li><li><a class="font-sans text-[13px] text-[var(--text-muted)] hover:text-white transition-colors" href="/en/legal/terms">Terms of Service</a></li><li><a class="font-sans text-[13px] text-[var(--text-muted)] hover:text-white transition-colors" href="/en/legal/privacy">Privacy Policy</a></li><li><a class="font-sans text-[13px] text-[var(--text-muted)] hover:text-white transition-colors" href="/en/legal/refunds">Refunds</a></li><li><a class="font-sans text-[13px] text-[var(--text-muted)] hover:text-white transition-colors" href="/en/legal/cookies">Cookies</a></li><li><a class="font-sans text-[13px] text-[var(--text-muted)] hover:text-white transition-colors" href="/en/legal/disclaimer">Disclaimer</a></li></ul></div></div><div class="px-10 max-w-[1200px] mx-auto pt-8 border-t border-[rgba(255,255,255,0.06)]"><p class="text-[11px] text-[var(--text-muted)] leading-[1.75] font-light max-w-[960px]">The content published on this platform is strictly informational, educational and journalistic in nature. 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Totals by sector and bank were released; the rate of each sale and the names are not there.\",\"image\":[\"https://veneeconomist.com/api/og/analysis-card?slug=informe-kpmg-cuenta-custodia-venezuela-dolares-petroleo-2026\",\"https://veneeconomist.com/og-image.png\"],\"datePublished\":\"2026-11-13T05:23:24.848+00:00\",\"dateModified\":\"2026-11-13T05:23:25.172479+00:00\",\"isAccessibleForFree\":true,\"publisher\":{\"@type\":\"NewsMediaOrganization\",\"name\":\"Vene Economist\",\"alternateName\":\"VENE · ECONOMIST\",\"url\":\"https://veneeconomist.com\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https://veneeconomist.com/logo.png\",\"width\":512,\"height\":512},\"ethicsPolicy\":\"https://veneeconomist.com/en/methodology\",\"publishingPrinciples\":\"https://veneeconomist.com/en/methodology\"},\"author\":[{\"@type\":\"Organization\",\"name\":\"Mesa Editorial Vene Economist\",\"url\":\"https://veneeconomist.com/en/editorial-team\"}],\"articleSection\":\"Macro · Divisas y transparencia\",\"articleBody\":\"On November 12, the State Department released KPMG's report on the account where the United States holds Venezuela's oil revenue in custody. It is dated October 29, runs 53 pages and has the depositors' names redacted. According to the document, between January 3 and September 30 the account took in $12.26 billion and disbursed $12.11 billion, nearly all of it as dollars the Central Bank of Venezuela (BCV) sold to companies and individuals. The report also shows that the BCV hands Washington every one of those sales with the buyer's tax ID, and that what was released is only the totals. 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Totals by sector and bank were released; the rate of each sale and the names are not there.\"}],[\"$\",\"div\",null,{\"className\":\"text-[11px] text-muted-foreground/60 mt-3.5\",\"children\":[\"Published\",\" \",\"November 13, 2026\"]}]]}]\n64:T861a,\n\u003cdiv style=\"display:flex;align-items:center;flex-wrap:wrap;gap:10px;margin:0 0 22px;padding-bottom:15px;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e\n  \u003cspan style=\"font-family:monospace;font-size:9px;letter-spacing:3px;color:#3D6E8F;text-transform:uppercase;\"\u003e◆ Explainer · FX and transparency\u003c/span\u003e\n  \u003cspan style=\"font-family:monospace;font-size:9px;letter-spacing:1px;color:#7C7B79;text-transform:uppercase;\"\u003eFigures as of September 30, 2026 · report released November 12\u003c/span\u003e\n\u003c/div\u003e\n\u003cp style=\"font-size:16.5px;line-height:1.7;color:#E8E6E1;margin:0 0 26px;\"\u003eOn November 12, the State Department released KPMG's report on the account where the United States holds Venezuela's oil revenue in custody. It is dated October 29, runs 53 pages and has the depositors' names redacted. According to the document, between January 3 and September 30 the account took in $12.26 billion and disbursed $12.11 billion, nearly all of it as dollars the Central Bank of Venezuela (BCV) sold to companies and individuals. The report also shows that the BCV hands Washington every one of those sales with the buyer's tax ID, and that what was released is only the totals.\u003c/p\u003e\n\u003ch2 style=\"font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;\"\u003eAn advisor's report, not an audit\u003c/h2\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eKPMG appears as the State Department's technical advisor, and the text is explicit: its services \"do not constitute audit or attestation services under applicable professional standards.\"\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eBefore Congress, the State Department had described it as an audit. On April 16, at the House Western Hemisphere Subcommittee, Ambassador Michael Kozak, senior bureau official for Western Hemisphere Affairs, answered that the account had an independent audit system run by KPMG, which would deliver reports, quarterly as he understood it, and review operations back to the beginning. On June 3, at the House Foreign Affairs Committee, Secretary of State Marco Rubio said the account was audited by KPMG, that the audit was ongoing rather than annual, and that every disbursement went through it. The report released on November 12 covers nine months, January through September.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe report itself says who pays for that work. The State Department hired KPMG \"using Venezuelan funds,\" under a memorandum of understanding with the interim government, and the account's payment table records a $18.2 million outflow to KPMG LLP on April 10 for financial oversight. In USASpending, the federal contracts database, the order with the firm totals $14.9 million obligated and drew a single offer.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eNeither document explains the gap between the two figures.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eNor does it report control results. It describes procedures (depositor reviews, statistical sampling of recipients, vendor due diligence) and notes that not all of them were in place from January: the process \"has been iterative.\" Until April, when KPMG came in, vendor payments were reviewed by Citibank under its own controls. The document mentions recipients \"previously identified as high risk,\" but does not say how many there were or how many deposits or payments were rejected.\u003c/p\u003e\n\u003ch2 style=\"font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;\"\u003eWho deposited, and how much\u003c/h2\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eAccording to the report, 20 approved depositors provided the $12.26 billion. Oil, petroleum products and one gas transaction made up 98.7%; the rest came from gold ($108 million, all in March), minerals and fertilizer. The account also earned $12.5 million in interest. The descriptions left visible include crude, fuel oil, liquefied petroleum gas, commercial aviation fuel and primary aluminum.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe names are redacted. The two largest depositors accounted for more than 60% and the top three for almost three quarters; from January through March, the document says, \"several global commodity traders\" made virtually all payments.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe New York Times attributed most of the money to Trafigura and Vitol; the released version does not allow that to be checked.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe flow was not steady. Deposits peaked in May at about $2.4 billion and totaled about $3.3 billion in the third quarter, 45% less than in the second. Over those three months about $3.85 billion went out, more than came in, and the balance fell from $1.075 billion at the end of May to $169 million on September 30: less than four days of deposits at the period's average.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe report does not explain the drop in inflows.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe monthly figures make it possible to test the most widely cited independent estimate. Working from exports, Transparencia Venezuela estimated that the fund was owed $12.5 billion to $13.6 billion from January to June; the report records almost $9 billion for that half. The organization cautioned that exports are paid for at 30 to 90 days and that the amount actually received could be lower. The report does not reconcile its figures with exports, so the gap, between $3.5 billion and $4.6 billion, remains without a documented explanation.\u003c/p\u003e\n\u003ch2 style=\"font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;\"\u003eSince April, the BCV sets the price\u003c/h2\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThrough March 30, the BCV sold the dollars in 101 public auctions: individuals and companies bid, through their bank, how much they wanted to buy and at what exchange rate, and the central bank set only the volume. That channel moved about $2.1 billion. Since March 31 the mechanism has been different: the BCV allocates the dollars to each bank on its own criteria (liquidity needs, macroeconomic targets, banks' bolívar balances, historical participation) and at \"a fixed exchange rate\" that it sets. That channel moved about $9.3 billion through September, almost four of every five dollars sold.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe report also describes the other side of each sale. When the BCV allocates dollars to a bank, it debits the equivalent in bolívares, and according to the document those bolívares are then used \"for government expenditures, such as to fund public sector payrolls\"; taking them out of circulation lets the state, it says, meet its budget needs \"without printing unbacked currency.\" In the currency sales, the same text specifies, no dollars went to government entities.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eAccording to the report, then, the oil dollar goes to whoever buys it, and its counterpart in bolívares to state spending.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe figure that decides who gains from that circuit is the rate, and the report does not publish it: it does not say at what exchange rate each allocation was made or how it compared with the price of a dollar outside the official channel. With a fixed rate, every dollar allocated below what it costs outside that channel is a transfer to whoever receives it, and without the rate it cannot be measured.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eSince July there has been a third channel: banknotes. After the June earthquakes, the State Department authorized using account funds to import cash; five shipments brought in about $550 million, of which $357 million had been distributed by September 30, nearly all of it to businesses.\u003c/p\u003e\n\u003ch2 style=\"font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;\"\u003eWho received the dollars\u003c/h2\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eUsing the data banks report to the BCV, the report classifies recipients: companies received 77%, about $9.4 billion, and individuals 23%, about $2.9 billion. Those figures also include dollars from another source: Venezuela withdrew $346 million from its reserve tranche at the IMF, which was commingled in the same BCV operating account.\u003c/p\u003e\n\n\u003cfigure style=\"margin:26px 0 30px;padding:20px 18px 16px;background:rgba(255,255,255,0.025);border:1px solid rgba(255,255,255,0.08);border-radius:10px;\"\u003e\n  \u003cfigcaption style=\"font-family:'JetBrains Mono',monospace;font-size:9.5px;letter-spacing:1.6px;text-transform:uppercase;color:#5C5B59;margin:0 0 16px;\"\u003eDollars sold to companies, by sector (Jan–Sep 2026)\u003c/figcaption\u003e\n  \u003cdiv style=\"margin:0 0 14px;\"\u003e\n    \u003cdiv style=\"display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;\"\u003e\n      \u003cspan style=\"font-size:13px;line-height:1.4;color:#E8E6E1;\"\u003eFood and consumer goods\u003c/span\u003e\n      \u003cspan style=\"font-family:'JetBrains Mono',monospace;font-size:12px;color:#3D6E8F;white-space:nowrap;\"\u003e35.8%\u003c/span\u003e\n    \u003c/div\u003e\n    \u003cdiv style=\"height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;\"\u003e\n      \u003cdiv style=\"width:35.75%;height:100%;background:#3D6E8F;border-radius:4px;\"\u003e\u003c/div\u003e\n    \u003c/div\u003e\n    \n  \u003c/div\u003e\n  \u003cdiv style=\"margin:0 0 14px;\"\u003e\n    \u003cdiv style=\"display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;\"\u003e\n      \u003cspan style=\"font-size:13px;line-height:1.4;color:#E8E6E1;\"\u003eBusiness and administrative services\u003c/span\u003e\n      \u003cspan style=\"font-family:'JetBrains Mono',monospace;font-size:12px;color:#3D6E8F;white-space:nowrap;\"\u003e23.7%\u003c/span\u003e\n    \u003c/div\u003e\n    \u003cdiv style=\"height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;\"\u003e\n      \u003cdiv style=\"width:23.69%;height:100%;background:#3D6E8F;border-radius:4px;\"\u003e\u003c/div\u003e\n    \u003c/div\u003e\n    \u003cdiv style=\"font-size:12px;line-height:1.5;color:#9B9A97;margin-top:6px;\"\u003eThe report does not say which activities it groups.\u003c/div\u003e\n  \u003c/div\u003e\n  \u003cdiv style=\"margin:0 0 14px;\"\u003e\n    \u003cdiv style=\"display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;\"\u003e\n      \u003cspan style=\"font-size:13px;line-height:1.4;color:#E8E6E1;\"\u003eAgriculture\u003c/span\u003e\n      \u003cspan style=\"font-family:'JetBrains Mono',monospace;font-size:12px;color:#3D6E8F;white-space:nowrap;\"\u003e12.6%\u003c/span\u003e\n    \u003c/div\u003e\n    \u003cdiv style=\"height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;\"\u003e\n      \u003cdiv style=\"width:12.58%;height:100%;background:#3D6E8F;border-radius:4px;\"\u003e\u003c/div\u003e\n    \u003c/div\u003e\n    \n  \u003c/div\u003e\n  \u003cdiv style=\"margin:0 0 14px;\"\u003e\n    \u003cdiv style=\"display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;\"\u003e\n      \u003cspan style=\"font-size:13px;line-height:1.4;color:#E8E6E1;\"\u003eHealthcare and pharmaceuticals\u003c/span\u003e\n      \u003cspan style=\"font-family:'JetBrains Mono',monospace;font-size:12px;color:#5F8AA6;white-space:nowrap;\"\u003e5.7%\u003c/span\u003e\n    \u003c/div\u003e\n    \u003cdiv style=\"height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;\"\u003e\n      \u003cdiv style=\"width:5.68%;height:100%;background:#5F8AA6;border-radius:4px;\"\u003e\u003c/div\u003e\n    \u003c/div\u003e\n    \n  \u003c/div\u003e\n  \u003cdiv style=\"margin:0 0 14px;\"\u003e\n    \u003cdiv style=\"display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;\"\u003e\n      \u003cspan style=\"font-size:13px;line-height:1.4;color:#E8E6E1;\"\u003eTechnology and professional services\u003c/span\u003e\n      \u003cspan style=\"font-family:'JetBrains Mono',monospace;font-size:12px;color:#5F8AA6;white-space:nowrap;\"\u003e5.6%\u003c/span\u003e\n    \u003c/div\u003e\n    \u003cdiv style=\"height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;\"\u003e\n      \u003cdiv style=\"width:5.58%;height:100%;background:#5F8AA6;border-radius:4px;\"\u003e\u003c/div\u003e\n    \u003c/div\u003e\n    \n  \u003c/div\u003e\n  \u003cdiv style=\"margin:0 0 14px;\"\u003e\n    \u003cdiv style=\"display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;\"\u003e\n      \u003cspan style=\"font-size:13px;line-height:1.4;color:#E8E6E1;\"\u003eIndustrial and manufacturing\u003c/span\u003e\n      \u003cspan style=\"font-family:'JetBrains Mono',monospace;font-size:12px;color:#5F8AA6;white-space:nowrap;\"\u003e4.1%\u003c/span\u003e\n    \u003c/div\u003e\n    \u003cdiv style=\"height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;\"\u003e\n      \u003cdiv style=\"width:4.07%;height:100%;background:#5F8AA6;border-radius:4px;\"\u003e\u003c/div\u003e\n    \u003c/div\u003e\n    \n  \u003c/div\u003e\n  \u003cdiv style=\"margin:0 0 14px;\"\u003e\n    \u003cdiv style=\"display:flex;justify-content:space-between;align-items:baseline;gap:12px;margin-bottom:6px;\"\u003e\n      \u003cspan style=\"font-size:13px;line-height:1.4;color:#E8E6E1;\"\u003eNine other sectors\u003c/span\u003e\n      \u003cspan style=\"font-family:'JetBrains Mono',monospace;font-size:12px;color:#5F8AA6;white-space:nowrap;\"\u003e12.6%\u003c/span\u003e\n    \u003c/div\u003e\n    \u003cdiv style=\"height:7px;background:rgba(255,255,255,0.05);border-radius:4px;overflow:hidden;\"\u003e\n      \u003cdiv style=\"width:12.65%;height:100%;background:#5F8AA6;border-radius:4px;\"\u003e\u003c/div\u003e\n    \u003c/div\u003e\n    \n  \u003c/div\u003e\n  \u003cp style=\"font-family:'JetBrains Mono',monospace;font-size:9.5px;letter-spacing:0.8px;color:#5C5B59;margin:12px 0 0;\"\u003eKPMG report for the State Department, figure 28. Base: $9.367 billion sold to companies.\u003c/p\u003e\n\u003c/figure\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe report concludes that food, business services and agriculture, together 72%, show an emphasis on \"basic consumer needs.\" The second category fits that reading poorly: \"business and administrative services\" received about $2.2 billion, almost a quarter of what went to companies, and the document does not say which activities it groups. Food and agriculture add up to 48%.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe breakdown by bank is complete. Twenty banks received dollars and five took 83%. The largest channel was Banco de Venezuela, with almost $2.9 billion, one of every four dollars sold. In January it had received nothing: the first $500 million was split among Banesco, Mercantil, Provincial and Banco Nacional de Crédito.\u003c/p\u003e\n\n\u003cfigure style=\"margin:26px 0 30px;padding:20px 18px 16px;background:rgba(255,255,255,0.025);border:1px solid rgba(255,255,255,0.08);border-radius:10px;\"\u003e\n  \u003cfigcaption style=\"font-family:'JetBrains Mono',monospace;font-size:9.5px;letter-spacing:1.6px;text-transform:uppercase;color:#5C5B59;margin:0 0 14px;\"\u003eDollars sold by bank, Jan–Sep 2026\u003c/figcaption\u003e\n  \u003cdiv style=\"overflow-x:auto;-webkit-overflow-scrolling:touch;\"\u003e\n  \u003ctable style=\"width:100%;min-width:520px;border-collapse:collapse;margin:0;\"\u003e\n    \u003cthead\u003e\u003ctr\u003e\u003cth style=\"text-align:left;font-family:'JetBrains Mono',monospace;font-size:9px;letter-spacing:1.3px;text-transform:uppercase;color:#5C5B59;font-weight:400;padding:0 12px 10px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eBank\u003c/th\u003e\u003cth style=\"text-align:left;font-family:'JetBrains Mono',monospace;font-size:9px;letter-spacing:1.3px;text-transform:uppercase;color:#5C5B59;font-weight:400;padding:0 12px 10px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eTotal\u003c/th\u003e\u003cth style=\"text-align:left;font-family:'JetBrains Mono',monospace;font-size:9px;letter-spacing:1.3px;text-transform:uppercase;color:#5C5B59;font-weight:400;padding:0 12px 10px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eShare\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\n    \u003ctbody\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eBanco de Venezuela\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$2,879M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e24%\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eBanesco\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$1,847M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e16%\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eMercantil\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$1,713M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e15%\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eProvincial (BBVA)\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$1,694M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e14%\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eBanco Nacional de Crédito\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$1,672M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e14%\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e15 other banks\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$1,962M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e17%\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\n  \u003c/table\u003e\u003c/div\u003e\n  \u003cp style=\"font-family:'JetBrains Mono',monospace;font-size:9.5px;letter-spacing:0.8px;color:#5C5B59;margin:12px 0 0;\"\u003eKPMG report for the State Department, section 8.2: auctions, allocations and banknotes already distributed ($11,767M).\u003c/p\u003e\n\u003c/figure\u003e\n\u003ch2 style=\"font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;\"\u003eWhat the account paid directly\u003c/h2\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eOutside the FX channel, the account paid $133.1 million to vendors, organizations and central banks between March and September, at the BCV's request and with State Department and Treasury sign-off. Before the release, The New York Times described that amount as Venezuelan government debts, mostly to other governments and international organizations.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe published table shows a different mix.\u003c/p\u003e\n\n\u003cfigure style=\"margin:26px 0 30px;padding:20px 18px 16px;background:rgba(255,255,255,0.025);border:1px solid rgba(255,255,255,0.08);border-radius:10px;\"\u003e\n  \u003cfigcaption style=\"font-family:'JetBrains Mono',monospace;font-size:9.5px;letter-spacing:1.6px;text-transform:uppercase;color:#5C5B59;margin:0 0 14px;\"\u003eDirect payments from the account, Mar–Sep 2026\u003c/figcaption\u003e\n  \u003cdiv style=\"overflow-x:auto;-webkit-overflow-scrolling:touch;\"\u003e\n  \u003ctable style=\"width:100%;min-width:520px;border-collapse:collapse;margin:0;\"\u003e\n    \u003cthead\u003e\u003ctr\u003e\u003cth style=\"text-align:left;font-family:'JetBrains Mono',monospace;font-size:9px;letter-spacing:1.3px;text-transform:uppercase;color:#5C5B59;font-weight:400;padding:0 12px 10px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eDestination\u003c/th\u003e\u003cth style=\"text-align:left;font-family:'JetBrains Mono',monospace;font-size:9px;letter-spacing:1.3px;text-transform:uppercase;color:#5C5B59;font-weight:400;padding:0 12px 10px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eAmount\u003c/th\u003e\u003cth style=\"text-align:left;font-family:'JetBrains Mono',monospace;font-size:9px;letter-spacing:1.3px;text-transform:uppercase;color:#5C5B59;font-weight:400;padding:0 12px 10px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eWhat was paid for\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\n    \u003ctbody\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eHealthcare\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$57.4M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eMedicines and Chagas tests for the IVSS social security institute; dialysis and hemophilia supplies; commitments to PAHO's revolving fund\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eEnergy, mining and utilities\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$36.3M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eCoal mining equipment; oilfield services; turbine parts for the Termozulia III plant; catalysts for Pequiven's ammonia plants\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eKPMG LLP\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$18.2M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eFinancial oversight\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eBanknote logistics\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$5.3M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eMoneycorp, Numisma and air transport\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003ePassports\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$5.2M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003ePolycarbonate sheets for biometric passports\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eGreenberg Traurig LLP\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$5.0M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eLegal and professional advisory services\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eOther\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$4.0M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eMarket data, diplomatic premises, a screening platform, aluminum fluoride, limited assurance\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#E8E6E1;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eOrganizations and memberships\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003e$1.7M\u003c/td\u003e\u003ctd style=\"vertical-align:top;font-size:13px;line-height:1.6;color:#9B9A97;padding:12px 12px 12px 0;border-bottom:1px solid rgba(255,255,255,0.08);\"\u003eALADI, G-24, CEMLA and CFATF\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\n  \u003c/table\u003e\u003c/div\u003e\n  \u003cp style=\"font-family:'JetBrains Mono',monospace;font-size:9.5px;letter-spacing:0.8px;color:#5C5B59;margin:12px 0 0;\"\u003eKPMG report for the State Department, figure 25; our grouping. The total includes three returned payments the ledger still carries as debits.\u003c/p\u003e\n\u003c/figure\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eInternational organizations and central banks received about $10 million, PAHO included, less than 8% of the total. Healthcare was the largest item, and KPMG's equals 14% of all direct payments in the period. The table also records $155,000 to BDO, a service provider to the BCV, for \"limited assurance\" covering May and June, a review whose results the report does not include.\u003c/p\u003e\n\u003ch2 style=\"font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;\"\u003eThe full list is already in Washington\u003c/h2\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eUntil the release, the information needed to know who gained from the oil revenue seemed split between the two governments, as \u003ca href=\"/analisis/cuenta-custodia-venezuela-kpmg-subastas-divisas-bcv-2026\" style=\"color:#3D6E8F;text-decoration:none;\"\u003eour November 11 piece\u003c/a\u003e argued: Washington with the deposits, Caracas with the buyers. The report shows that the second half reaches Washington too. The BCV gives the State Department and KPMG the detail of every dollar sale, classified by the buyer's tax ID, and for each banknote delivery banks report the recipient's tax identification number and the serial numbers.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eFrom that list, totals by recipient type, sector and bank were released. Both governments hold the buyers' names; the BCV sets the rate for each allocation. The price of each cargo does not appear in the report either.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eOn the Venezuelan side, the contrast is starker. In August, Transparencia Venezuela found no mechanism by the interim government that would show the amount administered or where the funds went, and the official record added up to about $300 million. KPMG's report, even with its redactions, releases the monthly flow, the breakdown by bank and sector, and every direct payment with name and amount.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe precedent involving the same firm looked different. In 2004, KPMG audited Iraqi crude sales and the fund they were paid into, under an engagement approved by an international advisory board, which published those audits. In the Venezuelan account, the firm acts as technical advisor, is paid from the account it reviews and delivers its report to the State Department, which decided what was redacted.\u003c/p\u003e\n\u003ch2 style=\"font-family:'Instrument Serif',Georgia,serif;font-size:22px;font-weight:400;line-height:1.25;color:#E8E6E1;margin:38px 0 14px;\"\u003eWhat to watch\u003c/h2\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe report says it \"may be updated\" with new data, with no date for the next one. Three things will show whether the circuit changes: a future report that includes control results (rejected deposits, excluded recipients, withheld amounts) and not just procedures; publication by the BCV or the State Department of the rate for each allocation; and fourth-quarter deposits, which will show whether the third-quarter drop was temporary.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eFor anyone importing, lending or setting prices in Venezuela, the report leaves a practical conclusion: access to the official dollar depends on a bank-by-bank allocation on the BCV's criteria and on an inflow that Washington authorizes payment by payment and that fell 45% between July and September.\u003c/p\u003e\n\u003cp style=\"font-size:15px;line-height:1.78;color:#D5D3CE;margin:0 0 20px;\"\u003eThe rate at which it is allocated is still not published.\u003c/p\u003e\n\n\u003cstyle data-sources-accordion\u003e\ndetails \u003e summary { list-style: none; }\ndetails \u003e summary::-webkit-details-marker { display: none; }\ndetails \u003e summary::marker { content: ''; }\n.sources--collapsible a { color: #9B9A97 !important; text-decoration: none !important; }\n.sources--collapsible a:hover { color: #E8E6E1 !important; text-decoration: underline !important; }\n.sources--collapsible ol, .sources--collapsible ul { margin: 0; }\n\u003c/style\u003e\u003cdetails class=\"sources sources--collapsible\" style=\"margin:36px 0 0;border:1px solid rgba(255,255,255,0.08);border-radius:10px;background:#11131A;\"\u003e\n  \u003csummary style=\"cursor:pointer;list-style:none;padding:14px 18px;font-family:'JetBrains Mono',monospace;font-size:10px;letter-spacing:1.8px;color:#9B9A97;text-transform:uppercase;font-weight:600;\"\u003eSources ▾\u003c/summary\u003e\n  \u003cul style=\"list-style:none;padding:0 18px 18px;margin:0;border-top:1px solid rgba(255,255,255,0.06);\"\u003e\n    \u003cli style=\"padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;\"\u003e\u003cstrong\u003eState Department / KPMG\u003c/strong\u003e — \"Report on Venezuela Custody Account Operations,\" Jan–Sep 2026, dated Oct 29, 2026. — \u003ca href=\"https://www.state.gov/wp-content/uploads/2026/11/Report-on-Venezuela-Custody-Account-Operations-January-September-2026.pdf\" style=\"color:#3D6E8F;text-decoration:none;\"\u003estate.gov\u003c/a\u003e\u003c/li\u003e\n    \u003cli style=\"padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;\"\u003e\u003cstrong\u003eState Department\u003c/strong\u003e — report page on the custody account, Nov 12, 2026. — \u003ca href=\"https://www.state.gov/report-on-venezuela-custody-account-operations\" style=\"color:#3D6E8F;text-decoration:none;\"\u003estate.gov\u003c/a\u003e\u003c/li\u003e\n    \u003cli style=\"padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;\"\u003e\u003cstrong\u003eState Department\u003c/strong\u003e — order 19AQMM26F0357 with KPMG LLP, USASpending, accessed Nov 12, 2026. — \u003ca href=\"https://api.usaspending.gov/api/v2/awards/CONT_AWD_19AQMM26F0357_1900_GS00F275CA_4732/\" style=\"color:#3D6E8F;text-decoration:none;\"\u003eusaspending.gov\u003c/a\u003e\u003c/li\u003e\n    \u003cli style=\"padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;\"\u003e\u003cstrong\u003eReuters\u003c/strong\u003e — State Department release of the report, Nov 12, 2026. — \u003ca href=\"https://boereport.com/2026/11/12/us-handled-12-billion-of-venezuelas-oil-revenues-report-says/\" style=\"color:#3D6E8F;text-decoration:none;\"\u003eboereport.com\u003c/a\u003e\u003c/li\u003e\n    \u003cli style=\"padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;\"\u003e\u003cstrong\u003eThe New York Times\u003c/strong\u003e — story on the KPMG report, Nov 10, 2026. — \u003ca href=\"https://www.inquirer.com/news/nation-world/veneuela-oil-natural-resource-revenues-us-receive-disburse-kmg-report-rubio-20261110.html\" style=\"color:#3D6E8F;text-decoration:none;\"\u003einquirer.com\u003c/a\u003e\u003c/li\u003e\n    \u003cli style=\"padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;\"\u003e\u003cstrong\u003eState Department\u003c/strong\u003e — Michael Kozak before the House Western Hemisphere Subcommittee, hearing video, Apr 16, 2026. — \u003ca href=\"https://www.youtube.com/watch?v=arx5z3ayQxA\" style=\"color:#3D6E8F;text-decoration:none;\"\u003eyoutube.com\u003c/a\u003e\u003c/li\u003e\n    \u003cli style=\"padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;\"\u003e\u003cstrong\u003eState Department\u003c/strong\u003e — Marco Rubio before the House Foreign Affairs Committee, hearing, Jun 3, 2026. — \u003ca href=\"https://foreignaffairs.house.gov/committee-activity/hearings/department-of-state-fy-2027-budget-request-a-commitment-to-america-first-foreign-policy\" style=\"color:#3D6E8F;text-decoration:none;\"\u003eforeignaffairs.house.gov\u003c/a\u003e\u003c/li\u003e\n    \u003cli style=\"padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;\"\u003e\u003cstrong\u003eTransparencia Venezuela\u003c/strong\u003e — \"Tras la pista del fondo,\" Aug 4, 2026. — \u003ca href=\"https://transparenciave.org/wp-content/uploads/2026/08/Tras-la-pista-del-fondo_4-Agosto-2026-1.pdf\" style=\"color:#3D6E8F;text-decoration:none;\"\u003etransparenciave.org\u003c/a\u003e\u003c/li\u003e\n    \u003cli style=\"padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;\"\u003e\u003cstrong\u003eTransparencia Venezuela\u003c/strong\u003e — accountability for the oil fund, Aug 10, 2026. — \u003ca href=\"https://www.infobae.com/venezuela/2026/08/10/exigen-a-delcy-rodriguez-precisar-cuanto-recibio-y-en-que-utilizo-el-dinero-enviado-por-estados-unidos/\" style=\"color:#3D6E8F;text-decoration:none;\"\u003einfobae.com\u003c/a\u003e\u003c/li\u003e\n    \u003cli style=\"padding:8px 0;font-size:12.5px;line-height:1.6;color:#9B9A97;\"\u003e\u003cstrong\u003eIAMB\u003c/strong\u003e — statement on KPMG's reports on the Development Fund for Iraq, Jul 15, 2004. — \u003ca href=\"https://reliefweb.int/report/iraq/statement-iamb-release-kpmg-audit-reports-development-fund-iraq\" style=\"color:#3D6E8F;text-decoration:none;\"\u003ereliefweb.int\u003c/a\u003e\u003c/li\u003e\n  \u003c/ul\u003e\n\u003c/details\u003e5c:[\"$\",\"div\",null,{\"className\":\"prose prose-sm dark:prose-invert max-w-none\\n        prose-headings:font-serif prose-headings:font-normal\\n        prose-h2:text-[10px] prose-h2:font-semibold prose-h2:tracking-[2px] prose-h2:text-muted-foreground prose-h2:uppercase prose-h2:mb-3.5\\n        prose-p:text-sm prose-p:text-muted-foreground prose-p:leading-[1.82]\\n        prose-strong:text-foreground prose-strong:font-medium\\n        prose-table:text-[13px]\\n        prose-th:text-[9px] prose-th:font-semibold prose-th:tracking-[1px] prose-th:text-muted-foreground prose-th:uppercase\\n        prose-td:text-muted-foreground prose-td:leading-relaxed\\n      \",\"dangerouslySetInnerHTML\":{\"__html\":\"$64\"}}]\n5d:[\"$\",\"footer\",null,{\"className\":\"mt-12 pt-7 border-t border-border\",\"children\":[\"$\",\"div\",null,{\"className\":\"grid grid-cols-1 md:grid-cols-3 gap-5\",\"children\":[[\"$\",\"div\",null,{\"children\":[[\"$\",\"div\",null,{\"className\":\"text-[9px] font-semibold tracking-[1.5px] text-muted-foreground/60 uppercase mb-1\",\"children\":\"Classification\"}],[\"$\",\"div\",null,{\"className\":\"text-[10px] text-muted-foreground/60 leading-relaxed\",\"children\":[\"Analysis Type\",\" \",\"C\",\" — \",\"Sectoral\",[\"$\",\"br\",null,{}],\"Macro · Divisas y transparencia\",[\"$\",\"br\",null,{}],\"November 13, 2026\"]}]]}],[\"$\",\"div\",null,{}],false]}]}]\n5f:[\"$\",\"div\",null,{\"className\":\"text-[10px] text-muted-foreground/50 text-center py-8 leading-relaxed max-w-[720px] mx-auto\",\"children\":[[\"$\",\"strong\",null,{\"className\":\"text-muted-foreground\",\"children\":\"VENE · ECONOMIST\"}],\" Intelligence Unit · Informational analysis. Does not constitute investment, legal or tax advice. Vene Economist is not a credit rating agency; the \\\"VE Verdict\\\" is a proprietary editorial indicator, not a credit rating. Always verify against the primary source before making decisions.\"]}]\n60:[\"$\",\"$L66\",null,{\"locale\":\"en\",\"source\":\"analisis_modal:macro · divisas y transparencia\",\"surface\":\"analisis\",\"defaultList\":\"pulse_daily\",\"contentSlug\":\"informe-kpmg-cuenta-custodia-venezuela-dolares-petroleo-2026\"}]\n61:[\"$\",\"section\",null,{\"className\":\"border-t border-border mt-12 pt-8 pb-2 px-6 md:px-10 max-w-[1100px] mx-auto\",\"children\":[[\"$\",\"h2\",null,{\"className\":\"font-mono text-[10px] tracking-[2.5px] uppercase text-muted-foreground mb-4\",\"children\":\"Topics\"}],[\"$\",\"div\",null,{\"className\":\"flex flex-wrap gap-2\",\"children\":[\"$L67\"]}]]}]\n62:[\"$\",\"section\",null,{\"className\":\"border-t border-border mt-20 pt-14 pb-20 px-6 md:px-10 max-w-[1200px] mx-auto\",\"children\":[[\"$\",\"div\",null,{\"className\":\"flex items-baseline justify-between mb-10\",\"children\":[[\"$\",\"h2\",null,{\"className\":\"font-mono text-[10px] tracking-[2.5px] uppercase text-muted-foreground\",\"children\":\"FURTHER READING\"}],[\"$\",\"span\",null,{\"className\":\"font-mono text-[9px] tracking-[2px] uppercase text-muted-foreground/40\",\"children\":\"04\"}]]}],[\"$\",\"div\",null,{\"className\":\"grid grid-cols-1 md:grid-cols-2 gap-x-10 gap-y-10\",\"children\":[[\"$\",\"a\",\"/en/pulse/ve-pulse-0176-13-11-2026\",{\"href\":\"/en/pulse/ve-pulse-0176-13-11-2026\",\"className\":\"group block border-t border-border pt-6 transition-colors hover:border-foreground/40\",\"children\":[[\"$\",\"div\",null,{\"className\":\"flex items-start justify-between gap-4 mb-4\",\"children\":[[\"$\",\"span\",null,{\"className\":\"font-mono text-[10px] tracking-[2px] uppercase text-[#A52722] leading-[1.4]\",\"children\":\"VE PULSE · 13-NOV-2026\"}],[\"$\",\"svg\",null,{\"ref\":\"$undefined\",\"xmlns\":\"http://www.w3.org/2000/svg\",\"width\":24,\"height\":24,\"viewBox\":\"0 0 24 24\",\"fill\":\"none\",\"stroke\":\"currentColor\",\"strokeWidth\":2,\"strokeLinecap\":\"round\",\"strokeLinejoin\":\"round\",\"className\":\"lucide lucide-arrow-up-right h-4 w-4 text-muted-foreground/30 group-hover:text-foreground transition-colors shrink-0 mt-0.5\",\"aria-hidden\":\"true\",\"children\":[[\"$\",\"path\",\"1tivn9\",{\"d\":\"M7 7h10v10\"}],[\"$\",\"path\",\"1vkiza\",{\"d\":\"M7 17 17 7\"}],\"$undefined\"]}]]}],[\"$\",\"h3\",null,{\"className\":\"text-[17px] font-medium leading-[1.4] text-foreground group-hover:text-[#A52722] transition-colors mb-3 text-balance line-clamp-3\",\"children\":\"CITGO sale: Elliott's bid for PDVSA's refiner is now below its projected 2026 EBITDA\"}],[\"$\",\"p\",null,{\"className\":\"text-[13px] text-muted-foreground leading-[1.7] line-clamp-2\",\"children\":\"A Delaware court set a $5.9 billion price for CITGO's parent in 2025. The refining cycle has since changed scale, and the sale, still waiting on the Treasury, carries the old price.\"}]]}],[\"$\",\"a\",\"/en/analisis/cuenta-custodia-venezuela-kpmg-subastas-divisas-bcv-2026\",{\"href\":\"/en/analisis/cuenta-custodia-venezuela-kpmg-subastas-divisas-bcv-2026\",\"className\":\"group block border-t border-border pt-6 transition-colors hover:border-foreground/40\",\"children\":[[\"$\",\"div\",null,{\"className\":\"flex items-start justify-between gap-4 mb-4\",\"children\":[[\"$\",\"span\",null,{\"className\":\"font-mono text-[10px] tracking-[2px] uppercase text-[#A52722] leading-[1.4]\",\"children\":\"ANÁLISIS · MACRO · DIVISAS Y TRANSPARENCIA\"}],[\"$\",\"svg\",null,{\"ref\":\"$undefined\",\"xmlns\":\"http://www.w3.org/2000/svg\",\"width\":24,\"height\":24,\"viewBox\":\"0 0 24 24\",\"fill\":\"none\",\"stroke\":\"currentColor\",\"strokeWidth\":2,\"strokeLinecap\":\"round\",\"strokeLinejoin\":\"round\",\"className\":\"lucide lucide-arrow-up-right h-4 w-4 text-muted-foreground/30 group-hover:text-foreground transition-colors shrink-0 mt-0.5\",\"aria-hidden\":\"true\",\"children\":[[\"$\",\"path\",\"1tivn9\",{\"d\":\"M7 7h10v10\"}],[\"$\",\"path\",\"1vkiza\",{\"d\":\"M7 17 17 7\"}],\"$undefined\"]}]]}],[\"$\",\"h3\",null,{\"className\":\"text-[17px] font-medium leading-[1.4] text-foreground group-hover:text-[#A52722] transition-colors mb-3 text-balance line-clamp-3\",\"children\":\"Venezuela FX auctions: who ended up with $11.7 billion in oil dollars\"}],[\"$\",\"p\",null,{\"className\":\"text-[13px] text-muted-foreground leading-[1.7] line-clamp-2\",\"children\":\"According to KPMG's report, 95% of the custody account went back to Caracas for the BCV's currency sales. The dollars went to whoever got an allocation, and neither government publishes their names.\"}]]}],[\"$\",\"a\",\"/en/intelligence/ofac/gl-5aa-pdvsa-2020-bonds\",{\"href\":\"/en/intelligence/ofac/gl-5aa-pdvsa-2020-bonds\",\"className\":\"group block border-t border-border pt-6 transition-colors hover:border-foreground/40\",\"children\":[[\"$\",\"div\",null,{\"className\":\"flex items-start justify-between gap-4 mb-4\",\"children\":[\"$L68\",\"$L69\"]}],\"$L6a\",\"$L6b\"]}],\"$L6c\"]}]]}]\n6d:\"InlineNewsletterCapture\"\n6e:I[609286,[\"$1a\",\"$1b\",\"$1c\",\"$1d\",\"$1e\",\"$1f\",\"$20\",\"$3e\"],\"$6d\"]\n68:[\"$\",\"span\",null,{\"className\":\"font-mono text-[10px] tracking-[2px] uppercase text-[#A52722] leading-[1.4]\",\"children\":\"OFAC · GL 5AA\"}]\n69:[\"$\",\"svg\",null,{\"ref\":\"$undefined\",\"xmlns\":\"http://www.w3.org/2000/svg\",\"width\":24,\"height\":24,\"viewBox\":\"0 0 24 24\",\"fill\":\"none\",\"stroke\":\"currentColor\",\"strokeWidth\":2,\"strokeLinecap\":\"round\",\"strokeLinejoin\":\"round\",\"className\":\"lucide lucide-arrow-up-right h-4 w-4 text-muted-foreground/30 group-hover:text-foreground transition-colors shrink-0 mt-0.5\",\"aria-hidden\":\"true\",\"children\":[[\"$\",\"path\",\"1tivn9\",{\"d\":\"M7 7h10v10\"}],[\"$\",\"path\",\"1vkiza\",{\"d\":\"M7 17 17 7\"}],\"$undefined\"]}]\n6a:[\"$\",\"h3\",null,{\"className\":\"text-[17px] font-medium leading-[1.4] text-foreground group-hover:text-[#A52722] transition-colors mb-3 text-balance line-clamp-3\",\"children\":\"GL 5AA — PdVSA 2020 8.5% Bond (on or after December 18, 2026)\"}]\n6b:[\"$\",\"p\",null,{\"className\":\"text-[13px] text-muted-foreground leading-[1.7] line-clamp-2\",\"children\":\"Authorizes, on or after December 18, 2026, transactions related to, the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 percent bond that would otherwise be prohibited by subsection 1(a)(iii) of E.O. 13835. Replaces and supersedes GL 5Z in its entirety effective November 4, 2026, moving the effective date from November 5 to December 18, 2026. Until then no authorization is in effect: the sale or transfer of the CITGO Holding shares pledged against the bond remains prohibited absent a specific OFAC license.\"}]\n6c:[\"$\",\"a\",\"/en/inteligencia/sector-brief/ve-risk-noviembre-2026\",{\"href\":\"/en/inteligencia/sector-brief/ve-risk-noviembre-2026\",\"className\":\"group block border-t border-border pt-6 transition-colors hover:border-foreground/40\",\"children\":[[\"$\",\"div\",null,{\"className\":\"flex items-start justify-between gap-4 mb-4\",\"children\":[[\"$\",\"span\",null,{\"className\":\"font-mono text-[10px] tracking-[2px] uppercase text-[#A52722] leading-[1.4]\",\"children\":\"SECTOR BRIEF · VE-RISK\"}],[\"$\",\"svg\",null,{\"ref\":\"$undefined\",\"xmlns\":\"http://www.w3.org/2000/svg\",\"width\":24,\"height\":24,\"viewBox\":\"0 0 24 24\",\"fill\":\"none\",\"stroke\":\"currentColor\",\"strokeWidth\":2,\"strokeLinecap\":\"round\",\"strokeLinejoin\":\"round\",\"className\":\"lucide lucide-arrow-up-right h-4 w-4 text-muted-foreground/30 group-hover:text-foreground transition-colors shrink-0 mt-0.5\",\"aria-hidden\":\"true\",\"children\":[[\"$\",\"path\",\"1tivn9\",{\"d\":\"M7 7h10v10\"}],[\"$\",\"path\",\"1vkiza\",{\"d\":\"M7 17 17 7\"}],\"$undefined\"]}]]}],[\"$\",\"h3\",null,{\"className\":\"text-[17px] font-medium leading-[1.4] text-foreground group-hover:text-[#A52722] transition-colors mb-3 text-balance line-clamp-3\",\"children\":\"Venezuela country risk November 2026: the investor’s license is Washington’s lever\"}],[\"$\",\"p\",null,{\"className\":\"text-[13px] text-muted-foreground leading-[1.7] line-clamp-2\",\"children\":\"Marco Rubio said on October 26 that general licenses are the incentive keeping the process moving and that there are no irreversible concessions: the same authorization that underpins a contract is the lever on the calendar. November tests it with the court’s scoring scale on the 5th and 6th, the close of nominations on the 11th and the fourth round from the 11th to the 15th. The election still has no day, and the VE-RISK of 47 measures none of this.\"}]]}]\n67:[\"$\",\"$L45\",\"bcv\",{\"ref\":\"$undefined\",\"href\":{\"pathname\":\"/en/topics/bcv\",\"params\":{\"slug\":\"bcv\"}},\"locale\":\"$undefined\",\"localeCookie\":\"$24:props:localeCookie\",\"className\":\"font-mono text-xs px-3 py-1.5 rounded-full border border-border/50 text-foreground/90 hover:border-[#A52722]/60 hover:text-[#A52722] transition-colors\",\"children\":\"Central Bank of Venezuela\"}]\n5e:[\"$\",\"$L6e\",null,{\"locale\":\"en\",\"source\":\"analisis_end:macro · divisas y transparencia\",\"defaultList\":\"pulse_daily\",\"contentSlug\":\"informe-kpmg-cuenta-custodia-venezuela-dolares-petroleo-2026\"}]\n"])</script></body></html>
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