The Trump administration plans to retain revenue from the sale of Venezuelan oil across several bank accounts, with the largest held in Qatar, described by officials as a neutral location. According to Semafor, the United States has completed its first oil sale since taking control of the sector, generating around $500 million. Officials argue that placing funds outside the US reduces the risk of seizure by creditors.
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The strategy has drawn criticism from senior Democrats, including Senator Elizabeth Warren, who questioned its legal basis and warned it resembled the behaviour of a corrupt government. The decision has also revived scrutiny of Donald Trump’s close relationship with Qatar, following earlier controversy over his acceptance of a luxury aircraft from the Gulf state. The White House and Treasury have been approached for comment.
Washington assumed control of Venezuela’s oil resources after US forces detained President Nicolás Maduro earlier this month and transferred him to New York to face federal drug trafficking charges, which he denies. Trump has since declared that the US will temporarily oversee Venezuela until elections can be held, including managing the sale of up to 50 million barrels of oil and returning the proceeds to Caracas.
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An executive order signed last week set the framework for these sales while shielding revenues from creditors, as Venezuela is estimated to owe $170 billion internationally. While Treasury officials insist they will merely oversee the accounts, discussions with US oil companies remain tense, with ExxonMobil expressing reluctance to re-enter the Venezuelan market. Trump later suggested he may exclude the company, criticising its response as overly cautious.
