A new report claims the Trump administration is holding some of the proceeds from the sale of Venezuelan oil in offshore accounts, including in Qatar.
After the arrest of Venezuelan dictator Nicolas Maduro earlier this month, the administration made its first sale of oil valued at $500 million, which, according to a report by Semafor, is being kept in bank accounts controlled by the U.S. government. The largest of these accounts is reportedly in Qatar, as the outlet noted that Venezuela “owes international bondholders, oil companies and others as much as $170 billion.”
“Revenue from the oil sales is currently being held in bank accounts controlled by the US government, as indicated in Friday’s order, according to the administration official. The main account, according to a second senior administration official, is located in Qatar,” the outlet reported. “The second official described Qatar as a neutral location where money can flow freely with US approval and without risk of seizure. Trump’s order noted that at least some of the revenue would be held in US Treasury accounts.”
White House spokeswoman Taylor Rogers told Semafor that the Trump administration is continuing “positive, ongoing discussions” with oil companies regarding the South American nation.
“President Trump brokered a historic energy deal with Venezuela, immediately following the arrest of narcoterrorist Nicolás Maduro, that will benefit the American and Venezuelan people,” Rogers said in a statement.
“President Trump’s team is facilitating positive, ongoing discussions with oil companies that are ready and willing to make unprecedented investments to restore Venezuela’s oil infrastructure. President Trump is protecting our Western Hemisphere from being taken advantage of by narcoterrorists, drug traffickers, and foreign adversaries,” she added.
Democrats quickly weighed in on the use of offshore accounts to hold the proceeds from oil sales.
“There is no basis in law for a president to set up an offshore account that he controls so that he can sell assets seized by the American military,” Sen. Elizabeth Warren (D-MA) told the outlet.
“That is precisely a move that a corrupt politician would be attracted to,” claimed Warren, who is the ranking member of the Senate Finance Committee.
Senator Jack Reed of Rhode Island, the top Democrat on the Senate Armed Services Committee, told Semafor he is “innately suspicious” of using a Qatari account.
Speaking at the Economic Club of Minnesota last week, Secretary Scott Bessent said the Treasury Department “will oversee the accounts” and “then, at the president’s direction [and] Secretary Rubio’s direction … be in charge of the disbursement that goes back into Venezuela.”
Writers and editors can be contacted at [email protected] with feedback, tips, or corrections.
Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida. Powers also contributes to BizPac Review.
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