U.S. Treasury Takes Direct Control of Venezuelan Oil Proceeds
Following a recent U.S. executive order, proceeds from Venezuelan oil sales have been redirected from a fund in Qatar to U.S. Treasury accounts. This move aims to shield the funds from creditors as Venezuela's outstanding debts to bondholders and expropriated companies continue to grow.
The U.S. Secretary of Energy, Chris Wright, announced on Friday that the proceeds from Venezuelan oil sales are no longer being channeled through a Qatari fund. Instead, they are now being deposited directly into accounts managed by the U.S. Treasury Department.
This redirection is in compliance with a U.S. executive order issued last month. The order's objective is to safeguard the proceeds from creditors seeking to seize Venezuelan money. Wright conveyed this information to reporters during a briefing in Texas.
The backdrop to this financial maneuver is Venezuela's accumulating debt to bondholders, former business associates, and companies affected by expropriations. As these debts pile up, the U.S. appears intent on shielding Venezuelan oil revenue from potential financial claims.
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