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Revenue from oil constitutes around 25% of Venezuela's GDP. Amid US sanctions, Caracas offered oil at significantly reduced prices, and removing them was expected to greatly benefit the economy.
"Nonetheless, six months post-seizure of financial assets, economists indicate that signs of Venezuela's economic revival are quite unimpressive – probably suggesting that the US is not returning all its earnings to Caracas," notes the FT.
The US Department of Energy previously stated that the funds would aid both the American and Venezuelan populations, whereas the State Department asserted that billions had flowed into the Venezuelan economy. In April, senior State Department official Michael Kozak convinced Congress members that $3 billion had been sent to Caracas and that international auditors were overseeing the bank accounts.
Kozak mentioned that the funds belonged to Venezuela, but they required US approval to access them. He committed to delivering quarterly reports on the allocation of the funds, but as the FT points out, congressional members stated they have not yet obtained those reports.
source: ft.com
"Nonetheless, six months post-seizure of financial assets, economists indicate that signs of Venezuela's economic revival are quite unimpressive – probably suggesting that the US is not returning all its earnings to Caracas," notes the FT.
The US Department of Energy previously stated that the funds would aid both the American and Venezuelan populations, whereas the State Department asserted that billions had flowed into the Venezuelan economy. In April, senior State Department official Michael Kozak convinced Congress members that $3 billion had been sent to Caracas and that international auditors were overseeing the bank accounts.
Kozak mentioned that the funds belonged to Venezuela, but they required US approval to access them. He committed to delivering quarterly reports on the allocation of the funds, but as the FT points out, congressional members stated they have not yet obtained those reports.
source: ft.com
