After Maduro’s ouster, the US took full control of Venezuela’s oil revenues without congressional oversight
Politico revealed in an exclusive report that the US government has taken full control of Venezuela’s crude oil sales after the ouster of Nicolas Maduro and has so far collected at least $500 million in the country’s oil revenues.
According to the report, these funds are held in a bank account in Qatar, and there is no independent oversight body, public audit, or transparent mechanism to monitor this process.
US officials have announced that Venezuelan oil sales will continue without any restrictions, and the proceeds will be used directly to lower energy prices in the US domestic market.
Politico compared the situation to the Iraq Development Fund, where about $8.7 billion in oil resources were lost or misreported despite UN oversight and the presence of international inspectors. But in the case of Venezuela, there is no independent oversight advisory council or even a timetable for handing over control of the resources to the Venezuelan people or the country’s future legitimate government.
The report highlights that these revenues are held outside the US Treasury Department and away from the scrutiny and oversight of the US Congress, a move that has raised serious questions about the financial transparency and legality of this process.
This development comes as the Trump administration, after recognizing the interim or transitional government in Venezuela, lifted severe sanctions against the country’s oil industry, but at the same time took full control of its financial flow.
