Four Venezuelan banks are set to split $300 million in oil revenues from a Qatar account to sell dollars to local companies amidst tightening U.S. sanctions. The U.S. completed $500 million in oil sales as part of a larger $2 billion deal following the ouster of President Maduro. Revenue will also fund social projects and infrastructure.

Venezuelan companies have long had to exchange bolivars for dollars to import raw materials. The U.S. has seized Venezuelan oil tankers and hit the country’s revenue flow, prompting the injection of foreign capital to ease dollar supplies. The main account for transactions is located in Qatar, with $75 million each going to four local financial institutions.

Interim leader Delcy Rodriguez submitted a reform of the hydrocarbons law to boost oil investment. Economist Alejandro Grisanti noted $300 million will be sold to private banks outside the central bank due to sanctions. The Venezuelan government allowed the use of dollar-linked cryptocurrencies like USDT in 2025, but flows have fallen as oil sales increase.

Read more at Yahoo Finance: Venezuelan banks will get $300 million of oil money to sell on exchange market, sources say