The U.S. has completed its first sales of Venezuelan oil under a new Trump-era arrangement valued at about $500 million.
The proceeds are being held in U.S.-controlled accounts, including a main one in Qatar, a structure the administration says is meant to keep the money out of creditors' reach and under American oversight.
A U.S. official told Reuters the sales are part of a broader $2 billion deal reached this month between Washington and Caracas and that additional sales are expected in the coming days and weeks.
Revenue from the initial sales is being held in bank accounts controlled by the U.S. government, the official said, citing an order issued Friday.
Reuters also reported, citing an industry source familiar with the plan, that the main account in Qatar is described as a neutral venue where funds can move with U.S. approval and without risk of seizure.
The White House framed the oil-revenue safeguards as tied to U.S. national security and foreign policy goals, citing illegal immigration, illicit narcotics and "malign actors such as Iran and Hezbollah" in the executive order signed Jan. 9.
In a statement to Semafor, White House spokeswoman Taylor Rogers said: "President [Donald] Trump brokered a historic energy deal with Venezuela, immediately following the arrest of narco-terrorist Nicolas Maduro, that will benefit the American and Venezuelan people.
"President Trump's team is facilitating positive, ongoing discussions with oil companies that are ready and willing to make unprecedented investments to restore Venezuela's oil infrastructure.
"President Trump is protecting our Western Hemisphere from being taken advantage of by narco-terrorists, drug traffickers, and foreign adversaries," she continued.
The administration's approach also intersects with long-running disputes over Venezuela's debts and nationalizations.
In a separate report, Reuters said Trump signed an emergency order aimed at blocking courts or creditors from impounding Venezuelan oil revenue held in U.S. Treasury accounts, while noting companies including ExxonMobil and ConocoPhillips have longstanding claims tied to past nationalizations.
Critics and outside analysts have questioned elements of the administration's broader posture toward Venezuela and the centralization of control over oil proceeds, including in commentary from the Cato Institute.
Reuters contributed to this story.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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