The Trump administration has completed its first sale of Venezuelan oil, worth $500 million, and is depositing the proceeds in multiple bank accounts, with the largest in Qatar, according to a report by Semafor. Senior officials justified the choice of Qatar as a neutral location for safe and free movement of funds without risk of seizure.
Senator Elizabeth Warren criticised the move, stating: '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. That is precisely a move that a corrupt politician would be attracted to.' The decision follows Trump's controversial acceptance of a $400 million Boeing jet from Qatar last May.
The US gained control of Venezuela's oil after forces entered Caracas on January 3 and arrested President Nicolas Maduro on drug trafficking charges. Maduro pleaded not guilty in New York. Trump announced Washington would run Venezuela until stable elections are held, including selling up to 50 million barrels of oil and distributing proceeds back to Caracas.
An executive order last Friday blocked courts or creditors from impounding revenue, given Venezuela's $170 billion debt. Treasury Secretary Scott Bessent said his department would oversee accounts and disbursements. White House spokesperson Taylor Rogers said the deal benefits American and Venezuelan people, protecting the Western Hemisphere from narcoterrorists.
However, ExxonMobil CEO Darren Woods rebuffed Trump, citing past asset seizures under Hugo Chavez and calling Venezuela 'uninvestable'. Trump later said he might keep Exxon out of future deals.
