The Trump administration is holding revenue from the sale of Venezuelan oil in U.S.-controlled bank accounts, including a primary account located in Qatar, according to a report from Semafor published Wednesday.
The arrangement follows recent U.S. operations in Venezuela that culminated in the capture of Venezuelan President Nicolás Maduro, who was taken to the United States to face federal drug trafficking charges. In the aftermath, President Donald Trump said the U.S. intended to keep Venezuela’s oil.
Semafor reported the administration’s first sale of Venezuelan oil was valued at roughly $500 million. An administration official told the outlet that proceeds from those sales are being held in accounts controlled by the U.S. government, with a second senior official saying the main account is in Qatar.
That official described Qatar as a neutral location where funds can move with U.S. approval and with less risk of being seized. Semafor also noted that Trump’s order indicated at least some of the revenue would be held in U.S. Treasury accounts.
It remains unclear why funds held in Qatar would face less risk than money kept in U.S.-based accounts, or who the administration believes might attempt to freeze or seize the proceeds.
“There is no basis in law for a president to set up an offshore account that he controls so that he can sell assets seized by the American military,” Sen. Elizabeth Warren (D-MA), the ranking member of the Senate Finance Committee, told Semafor. “That is precisely a move that a corrupt politician would be attracted to.”
The report also comes amid heightened scrutiny of the administration’s relationship with Qatar. In May, the Qatari royal family gave Trump a $400 million luxury plane, around the same period Trump’s family business secured a deal to build a golf resort in the oil-rich country.
