Rafael Ramírez, former president of state oil company Petróleos de Venezuela (PDVSA), has asserted that more than $14 billion was generated from Venezuelan oil exports during the first half of 2026, yet the destination of these funds remains unknown.
Ramírez publicly denounced the lack of transparency regarding the proceeds, stating that no one has clear information on how the revenue is being utilized or where it is held.
Handelsavisen previously reported that the United States has accumulated roughly $13 billion in oil revenues from Venezuela, underscoring the extensive reach of its sanctions enforcement mechanisms.
The allegations arrive as political and legal pressure mounts over the management of Venezuela’s oil revenues under international sanctions.
US lawmakers have recently intensified their demands for the Trump administration to disclose the whereabouts and intended use of approximately $19 billion in revenues collected from Venezuelan oil sales.
This scrutiny highlights the complex web of sanctioned transactions and the significant pool of frozen capital that has accumulated in US jurisdictions.
Handelsavisen previously reported that the United States has accumulated roughly $13 billion in oil revenues from Venezuela, underscoring the extensive reach of its sanctions enforcement mechanisms.