US collected $13bn from Venezuelan oil, fate of funds unclear

The administration of Donald Trump has collected over $13 billion from the sale of Venezuelan oil since January, according to estimates by the Financial Times. However, six months after taking control of the funds, there is little transparency on where the money has gone, and only one transfer of $300 million has been publicly recorded Source: mileniomx.

What happened

After the capture of President Nicolás Maduro in January, the US took control of Venezuela's oil exports. The Financial Times estimated the revenue using shipment data from Kpler and price data from Argus Media, totaling more than $13 billion Source: elnacionalve. Despite this, the Venezuelan government's tracking website only lists a single $300 million transfer in March, which was spent on "increasing the minimum comprehensive income" Source: mileniomx. Economists note few signs of economic recovery in Venezuela, suggesting not all funds have been returned Source: elnacionalve.

The reaction

• Legislators from both parties are pressing for answers. Democratic Representative Joaquín Castro said: "The invasion of Venezuela by Trump has revolved around oil, power and corruption from the beginning... without transparency or safeguards" Source: mileniomx.
• Republican Representative María Elvira Salazar called for public reports on the funds due to "the importance of transparency about the destination of the money" Source: mileniomx.
• Venezuelan economist José Guerra stated: "Where is the money? There is no transparency and the US government does not inform us" Source: elnacionalve.
• The US administration has given contradictory explanations: an executive order describes its role as "custody," while Trump claimed the US was "making a lot of money" from Venezuelan oil Source: mileniomx.

What's next

The urgency has increased after two devastating earthquakes on June 24, with the UN estimating $37 billion in damage. Congress continues to demand transparency and safeguards against corruption Source: mileniomx.