Trump Explains Absence of $13 Billion in Revenues from Venezuelan Oil

The administration of Donald Trump collected over $13 billion in revenues from the sale of Venezuelan oil but has not explained what happened to these funds. American lawmakers are demanding greater transparency from the White House. The U.S. took control of Venezuelan oil exports and partially lifted sanctions after the ousting of President Nicolás Maduro in January. Oil accounts for about a quarter of Venezuela's GDP, but economists do not see a significant recovery after six months of U.S. control. The Venezuelan government created a website to track oil revenues, but it has only one entry—a transfer of $300 million in March. Washington has provided various explanations for the use of this money, claiming that the funds should remain the property of Venezuela. In April, a State Department official reported that about $3 billion in oil revenues had been sent to Venezuela; however, Democrats on the Foreign Affairs Committee have not received information since then. The issue became pressing after the devastating earthquakes on June 24, which caused damage estimated at $37 billion. The U.S. allocated $386 million in aid but did not specify how much of the oil revenues is being allocated for reconstruction. Congress members are demanding reports on the distribution of funds, pointing to the administration's lack of transparency.