When the US Army's Delta Force attacked Venezuela's capital, Caracas, and captured President Nicolas Maduro and his wife, accusing them of narco-terrorism,
President Donald Trump referred to it as an anti-drug operation. However, within hours, Trump was openly discussing the Venezuelan oil and Washington's control over the industry. In the latest update, the US has already made the first sale of Venezuelan oil worth $500 million. However, what caught the attention was the Trump team's decision to hold the money generated from Venezuelan oil at a Qatari bank. The millions of dollars that the US is raising from the sale of Venezuelan oil are being sequestered in Qatar, according to CNN. The report said that the funds being generated from the sale of Venezuelan oil are being sent to Qatar instead of being held in the US or being sent to Venezuela, despite Trump claiming that the oil proceeds will benefit Venezuela directly. According to an expert, Qatar has long served as a facilitator between the United States and the Venezuelan government, even before the US capture of Maduro opened up more direct communications between the two governments.
One possibility has been suggested that the funds were routed to Qatar to avoid legal claims by creditors and prevent seizures or liens on Venezuelan oil revenues. Further, Venezuela has been cut off from the global banking system for years due to sanctions, complicating direct transfers.
The Qatari banks holding the funds have been reportedly instructed to auction the funds to Venezuelan banks, prioritising food, medicine and small businesses. The Venezuelan central bank will collect and distribute the funds under US-imposed conditions.
Another expert told CNN that Qatar had a similar intermediary role during the previous Joe Biden administration. However, critics have warned that the arrangement lacks transparency and could function like a “slush fund” without clear oversight mechanisms.
Meanwhile, Venezuela's acting President Delcy Rodriguez used her first state of the union message on Thursday to advocate for opening the crucial state-run oil industry to more foreign investment following the Trump administration's pledge to seize control of Venezuelan crude sales.
Under pressure from the US to cooperate with its plans for reshaping Venezuela's sanctioned oil industry, she declared that a "new policy is being formed in Venezuela" and urged the nation's diplomats to tell foreign investors about it. The Trump administration has said it plans to control future oil revenue to ensure it benefits the Venezuelan people.
Rodriguez painted a picture of money from the oil sales flowing into the national budget to bolster crisis-stricken health services and deteriorating infrastructure.
