President Donald Trump publicly asserted that the U.S. took Venezuelan oil, telling a crowd in Las Vegas, "To the victor belong the spoils." This statement came after a brief U.S. military operation in Venezuela on January 3, 2026, which lasted 48 minutes, according to Trump.

Shortly after the operation, the United States and Venezuela agreed to place sanctioned Venezuelan oil revenues under U.S. control. Initially, the funds were held in a secretive account in Qatar, which Secretary of Energy Chris Wright announced was being closed after $500 million had passed through it.

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

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

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

Trump characterized the U.S. role as "the bankers" who do not direct the funds, emphasizing the Treasury's control over the revenues. The Venezuelan government maintains that these funds are intended to meet the needs of the Venezuelan people.

This situation highlights the complexities of managing sanctioned foreign oil revenues and the challenges of maintaining transparency and accountability in such arrangements.

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