Semafor reports that the $500 million revenue from the sale is being held in bank accounts controlled by the U.S. government, with the main account located in Qatar according to an industry source familiar with the plan. The source further detailed that Qatar represented a “neutral venue” where funds can move with U.S. approval and without risk of seizure.
The decision, the source reportedly explained, is in line with an Executive Order signed by President Donald Trump last week that safeguards Venezuelan oil revenue held in U.S. Treasury accounts from attachment or judicial process, with the aim of “ensuring these funds are preserved to advance U.S. foreign policy objectives.”
The source also told Semafor that the Venezuelan socialist regime, presently led by “acting President” Delcy Rodríguez, has “fully cooperated” with the United States, and added that the U.S. has “leverage” through sanctions and oil sales.
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