Venezuela receives $300 million from US-backed oil sales

Venezuela's government received its first payment from the $500 million sale of its oil by the US, allowing for the influx of much-needed dollars into the economy for the first time in a month.

Acting President Delcy Rodriguez said on Tuesday that $300 million in proceeds entered the country's banking system. That will boost the economy, which relies heavily on oil exports, and the sale might reverse a decrease in oil output after a blockade by the Trump administration.

"Today we must report that funds from the sale of oil have already been received, and of the first $500 million, $300 million has already arrived," Rodriguez said, adding that dollars will be disbursed through the national exchange system to help "strengthen workers' incomes and cool inflation down.