U.S. Redirects Venezuelan Oil Proceeds to Boost Economy
The U.S. has redirected proceeds from Venezuelan oil sales, initially protected in Qatar, to accounts handled by the U.S. Treasury. This move is part of an agreement to shield funds from creditors after removing President Maduro. Investments in Venezuela's energy infrastructure are planned by the Venezuelan government.
The U.S. has redirected proceeds from Venezuelan oil sales directly to accounts managed by the U.S. Treasury Department, Energy Secretary Chris Wright announced.
This action follows a historic agreement after the removal of President Nicolas Maduro in January, with funds initially safeguarded in Qatar.
Amid accumulating debts, American firms are encouraged to invest in Venezuela's energy sector. Anticipated revenue is $2 billion, with funds overseen by the U.S. for Venezuelan citizens' benefit. Plans include repairing the country's electricity grid.
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