U.S. Returns $500 Million Venezualen Oil Deal Proceeds

The U.S. has returned $500 million from a Venezuelan oil deal to the Venezuelan government. This move aims to stabilize the country's economy temporarily. The funds will be used for essential services like paying teachers and maintaining government operations, with future proceeds to be managed under agreed procedures.

The U.S. government has returned a total of $500 million to Venezuela from an oil deal struck last month, marking a significant monetary transfer. The final $200 million installment was completed recently, according to a U.S. official who requested anonymity.

This transaction resulted from a deal following the capture of Venezuelan President Nicolas Maduro in a U.S. military operation at the beginning of January. The received funds are intended to be used for the benefit of the Venezuelan populace, under U.S. government discretion.

Testifying on Capitol Hill, Secretary of State Marco Rubio noted that this initiative seeks to stabilize Venezuela by enabling its government to function and support public workers. Future funds from such sales are expected to be managed in a U.S.-based fund, with controlled disbursement processes.

(With inputs from agencies.)