The US government, specifically the Trump administration, has collected more than $13 billion from Venezuelan oil sales since January, following its capture of President Nicolás Maduro and the installation of Delcy Rodríguez as leader. Despite these significant revenues, there is a distinct lack of transparency regarding the whereabouts and utilization of these funds. While the US State Department has stated that "billions of dollars have been disbursed to the Venezuelan economy" and that financial monitoring is underway, only $300 million has been publicly traced back to Caracas through a website set up by the Venezuelan government to track these sales.
This opacity has sparked considerable concern and pressure from various US lawmakers. Senator Joaquin Castro, a prominent Democratic member of Congress, accused the Trump administration of lacking transparency and safeguards in its control of Venezuelan oil revenues. Republican Representative María Elvira Salazar has also called for public reports on the funds, emphasizing the importance of transparency. Both Democratic and Republican members of Congress are increasingly demanding an explanation from the administration about the allocation of these funds and what measures are in place to prevent corruption.
The situation has become even more urgent in the wake of two devastating earthquakes in Venezuela on June 24, with the UN estimating $37 billion in damage. While US Chargé d’Affaires in Caracas, John Barrett, indicated that money from the oil revenue accounts would be made available for reconstruction, no specific amount was mentioned. Senior State Department official Michael Kozak previously stated in April that about $3 billion had been sent to Venezuela and that KPMG was auditing bank accounts, promising quarterly reports, but Democrats on the Foreign Affairs Committee claim they have received no further information.
Economists, both Venezuelan and international, have expressed skepticism about the impact of these revenues on Venezuela's economy. Francisco Rodríguez, a Venezuelan economist, notes that Venezuela's first-quarter growth rate was the lowest in nearly five years, suggesting that the US has not transferred the totality of increased oil revenues. José Guerra, another Venezuelan economist, questioned the whereabouts of the money due to a complete lack of transparency from the US government. The US government maintains that control over the oil funds is used as leverage over Rodríguez, and funds are made available for specific costs like government salaries and oil industry equipment, but only with US permission.
US lawmakers, including Senators Ron Wyden, Elizabeth Warren, and Sheldon Whitehouse, have also pressed Treasury Secretary Scott Bessent and Secretary of State Marco Rubio, expressing concerns that the administration might use these revenues without congressional authorization or approval. They highlighted risks of corruption and money laundering within the Venezuelan financial system, questioning the due diligence and preventive steps being taken before disbursing these funds. The US had collected an estimated $11.5 billion by February, which was projected to exceed $13 billion based on historical price patterns for various Venezuelan crude oil grades.
