Washington, Feb. 4 (Reuters): The United States has completed the transfer of all $500 million in proceeds from the initial sale of Venezuelan oil to the Venezuelan government under an energy agreement struck last month, a U.S. official said on Tuesday. The final installment of $200 million was sent to Caracas after being held in Qatar as part of a temporary arrangement to ensure Venezuela received the funds needed to operate.
The official, speaking on condition of anonymity, said the funds are to be “disbursed for the benefit of the Venezuelan people at the discretion of the U.S. government.” This transaction follows a U.S. military operation on January 3 in which Venezuelan President Nicolás Maduro was captured, after which Washington and Caracas agreed to sell Venezuelan crude and channel the revenues back to the South American nation.
U.S. Secretary of State Marco Rubio, testifying on Capitol Hill last week, described the oil deal as a short-term effort to help stabilise Venezuela’s economy, allowing the country to generate revenue to fund essential services such as education, firefighting and policing. Plans for future sales include establishing a U.S.-based fund from which expenditures will be authorised in accordance with agreed procedures.
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