Five Democratic U.S. senators recently sent letters to 15 major banks seeking information on any support the banks provided the Trump Administration as it seeks to sell Venezuela’s oil on the global market.
President Donald Trump repeatedly claimed he controls Venezuelan oil revenues, but administration officials have issued conflicting statements. A Department of Energy fact sheet
claims the administration “engaged… key banks to execute and provide financial support for” Venezuelan oil sales and will route proceeds through “U.S.-controlled” accounts before funds are “disbursed…at the discretion of the U.S. government.”
The senators contend the fact sheet failed to provide details about the institutions involved, the accounts, or the terms the administration would exercise “discretion.”
“[I]t appears that at least a portion of the oil proceeds will be held in the U.S. Treasury despite being the sovereign property of another country,” the letter said. “It is unclear whether and to what extent the Administration still plans to direct some proceeds of oil sales into accounts held at banks in the private sector. Given that rapidly evolving situation and the Administration’s failure to provide clarity on its plans for Venezuela’s oil and the funds raised from oil sales, we write to you to seek answers to the following questions.”