President Donald Trump has publicly embraced the notion of seizing oil from other countries by force, telling a Las Vegas crowd on Wednesday, August 5, 2026, "To the victor belong the spoils."

After the U.S. military operation in Venezuela on January 3, 2026, the United States and Venezuela reached an agreement to place sanctioned Venezuelan oil revenues under U.S. control. Initially, these funds were held in a secretive account in Qatar. Secretary of Energy Chris Wright later announced the closure of this Qatari account after $500 million had passed through it.

In April 2026, the State Department and the Venezuelan government announced they had hired outside auditors to oversee the funds. Congressman Rubio informed Congress in June that audits would be ongoing, covering every expenditure and disbursement. The Venezuelan government also launched a website named Transparent Sovereignty to publish details of oil transactions. According to this site, $300 million from fuel oil sales was allocated to pay for a minimum wage increase announced in April.

Despite these promises, the Trump administration had not provided any quarterly audit reports to Democrats on the House Foreign Affairs Committee as of July 22, 2026, according to the Financial Times.

Separately, U.S. officials reportedly threatened to cut off Iraqi oil funds after the November 2025 elections if the winning parties appointed undesirable cabinet members, Reuters reported.

Trump’s remarks and the handling of Venezuelan oil revenues highlight ongoing concerns about the Treasury’s unaccountable power and the transparency of managing foreign assets.

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