US Holds $13 Billion of Venezuelan Oil Revenue Under Trump

The Trump administration has generated more than $13 billion this year from the sale of Venezuelan oil, according to the Financial Times. Officials have offered conflicting statements about the money’s disposition. In January, the administration said the funds remain the property of Venezuela and are held in trust by the United States for the benefit of both peoples. By June, President Donald Trump claimed the United States had already covered the cost of its military operation in Venezuela many times over using those revenues and that the U.S. would also profit substantially.

Congressional Democrats have criticized the lack of transparency, noting that only a single $300 million transfer to the interim government of Delcy Rodríguez was publicly recorded in March. State Department Western Hemisphere Chief Michael Kozak later said about $3 billion had been transferred to Venezuela, with plans for quarterly reporting. Lawmakers such as Representative Joaquín Castro have said the administration controls billions of dollars of Venezuelan oil revenue without clear accountability.

Efforts to obtain a detailed accounting have been rebuffed, with President Trump avoiding specific answers about how the remaining funds are allocated, though he suggested some could support the Venezuelan armed forces pending congressional approval.