According to the Financial Times, the Trump regime has collected more than $13 billion from the sale of Venezuelan oil this year, yet the transparency of how these funds are being used is severely lacking.
In January, the US regime seized former Venezuelan President Nicolás Maduro and installed Vice President Delcy Rodríguez as the country's leader. Subsequently, the Trump regime took control of Venezuela's oil exports and lifted certain sanctions.
Oil revenues account for roughly a quarter of Venezuela's GDP. The easing of sanctions was expected to provide a major boost to an economy already in crisis, but six months after the US regime established control over oil funds, economists report few signs of recovery—suggesting that Washington may not be returning the full amount to Caracas.
Washington has issued contradictory statements about the fate of these funds: at times describing its role as a "temporary custodian," while at other times President Trump has claimed the US regime is "making a lot of money" from Venezuelan oil. Bipartisan pressure is mounting in Congress for explanations about where the money is going and what measures are being taken to prevent corruption.
Democratic Congressman Joaquin Castro told the FT: "Trump's incursion into Venezuela was always about oil, power, and corruption. Billions of dollars in Venezuelan oil revenues are being controlled by the Trump regime without transparency or accountability." He added that this information is not being shared with Congress.
The FT, citing independent estimates, reported that potential revenues could exceed $13 billion. Trump later responded, claiming the actual figure is "even more." The Venezuelan government has launched a website to track oil revenues, but it only records a $300 million transfer from March.
Following two devastating earthquakes on June 24, the fate of oil revenues has become even more critical. The UN estimates damage to buildings and infrastructure at $37 billion. The US regime has provided $386 million in disaster aid and deployed hundreds of troops.
Benjamin Gedan, a former senior Latin America official in the Obama regime, noted that if Democrats gain control of one or both chambers of Congress in November, they would be able to investigate the oil funds.
US officials claim the control over oil funds is used to exert leverage over Rodríguez. At a July 15 congressional hearing, State Department official Michael Kozak stated: "It's their money, but they have to get our permission." He said funds have been allocated for salaries and oil industry equipment. The State Department claims "billions have been channeled to the Venezuelan economy" under this system.
Many economists had expected rapid recovery this year, but first-quarter growth of 2.5% was the lowest in nearly five years. Economist Francisco Rodríguez attributes this to the US regime's failure to transfer all oil revenues. Alejandro Grisanti of Ecoanalítica noted signs of dollar inflows in recent months but said the earthquake could delay recovery until mid-next year.
Source: www.gazeta.uz