Overview
- The administration confirmed it completed an initial sale of Venezuelan crude worth $500 million, with additional transactions expected.
- Reporting by CNN and USA TODAY indicates the proceeds are held in a Qatari account, with instructions for Qatari banks to auction dollars to Venezuelan banks for priority needs such as food and medicine.
- Reuters reporting says four Venezuelan banks were told they will split $300 million from the Qatar account to sell dollars on the exchange market to local companies.
- Five Democratic senators sent letters to major banks seeking to learn whether they were approached to handle the funds and to clarify where the money is held and how it will be distributed.
- Critics question the legality and transparency of the offshore arrangement despite an executive order shielding the funds from creditor claims, and President Trump said he did not consult legal authorities before agreeing to take the oil.