The Trump administration is keeping funds from its first sale of Venezuelan oil in U.S. government-controlled bank accounts, with the main account in Qatar. This has raised questions from Democrats about transparency and legal authority.
The sale, valued at around $500 million, followed President Donald Trump’s decision to seize and sell Venezuelan crude after a U.S. operation that captured Venezuelan President Nicolás Maduro and brought him to the U.S. to face federal drug trafficking charges.
“Revenue from the oil sales is currently being held in bank accounts controlled by the U.S. government,” Semafor reported, citing an administration official. A second senior official described Qatar as a neutral location that allows money to flow freely with U.S. approval, avoiding the risk of seizure.
Trump signed an executive order on Friday detailing how his administration plans to block courts and creditors from accessing oil revenue held in U.S. Treasury accounts. The order mentioned Venezuela’s outstanding debts and relied on emergency authorities.
Semafor also reported that Trump’s order noted that some of the revenue would remain in U.S. Treasury accounts, along with funds kept in other institutions.
White House spokeswoman Taylor Rogers stated that “President Trump brokered a historic energy deal with Venezuela, immediately after the arrest of narcoterrorist Nicolás Maduro, that will benefit both American and Venezuelan people.”
Trump is selling seized Venezuelan oil and putting the cash in a bank account in Qatar. Nothing to see here. https://t.co/hY4JH8udTM pic.twitter.com/1qigkS2Wfn
— Ron Filipkowski (@RonFilipkowski) January 14, 2026
This arrangement has little precedent, according to Semafor, as the administration plans to sell Venezuelan oil while controlling the profits and distributing funds back to Venezuela under U.S. oversight.
Sen. Elizabeth Warren of Massachusetts, the top Democrat on the Senate Banking Committee, questioned the legality of keeping proceeds offshore. “There is no basis in law for a president to set up an offshore account that he controls so that he can sell assets seized by the American military,” Warren told Semafor last week. “That is precisely a move that a corrupt politician would be attracted to.”
Sen. Jack Reed of Rhode Island, the top Democrat on the Senate Armed Services Committee, said lawmakers are looking for more information. Reed told Semafor on Wednesday that Congress is “waiting for a briefing on the details” of the oil revenue, including “how they keep it and who distributes it.”
Treasury Secretary Scott Bessent, speaking last week at the Economic Club of Minnesota, said his department “will oversee the accounts” and, under the direction of Trump and Secretary of State Marco Rubio, manage disbursements “that go back into Venezuela.” “We’re the bankers here; we don’t direct the funds,” Bessent said, according to Semafor.
Reuters reported that Trump’s order aimed to prevent private claims against Venezuela from attaching to the revenue, given ongoing disputes with bondholders and companies such as Exxon Mobil and ConocoPhillips over assets nationalized years ago.
The administration expects more sales in the coming days and weeks. Reuters, citing a U.S. official, reported that the proceeds are being held in U.S.-controlled accounts, including the main account in Qatar.
