With all eyes seemingly on the oil-rich country’s oil reserves, said to be the largest in the world, following the recent capture of Venezuelan President Nicolás Maduro by the US military, US lawmakers are wondering whether US President Donald Trump has started selling Venezuelan oil through US banks.
Five Democratic senators, including Elizabeth Warren and Ron Wyden, have expressed concern about potential deals between the Trump administration and major banks regarding Venezuelan oil sales.
In a letter sent on January 15, they asked whether banks such as Bank of America and Citigroup had been approached by Trump to facilitate transactions linked to Venezuelan oil. It should be mentioned that the Trump administration claimed to have already generated significant revenue.
The US lawmakers stressed the urgency of clarity amid the rapidly evolving situation following US actions against Maduro. They highlighted the administration’s tendency to hide plans for Venezuelan oil and the associated funds, according to USA today.
When did the US Army capture Venezuelan President Nicolás Maduro?
Since the US military operation to capture Maduro on January 3, Trump has indicated that the US will take control of Venezuela’s vast oil reserves. He has reportedly offered tempting opportunities to US oil executives, inviting them to the White House to discuss reviving Venezuela’s economy through foreign investment.
US receives $500 million sale of Venezuela oil
The administration reported receiving its first oil sales worth $500 million, with more deals expected. A recent fact sheet from the Department of Energy stated that these sales would be deposited into US-controlled accounts at reputable banks to ensure proper distribution.
An executive order signed by Trump on January 9 designated these funds as “sovereign property of Venezuela held in US custody.” However, the administration has not detailed how the oil sales revenue will be distributed.
Venezuela’s interim president Delcy Rodriguez is reportedly considering regulatory reforms to bring foreign investment to Venezuela’s oil sector.
