US gets first $500 million Venezuelan oil deal, holding some proceeds in Qatar
Semafor • • nation
Key Points:
- The administration's plan to store some oil revenue in Qatar is expected to face strong criticism from Democrats concerned about the use of offshore accounts for managing seized assets.
- Senator Elizabeth Warren criticized the move, stating there is no legal basis for a president to control an offshore account for selling military-seized assets, calling it a tactic that could attract corruption.
- Experts suggest it would be more sensible for the administration to keep proceeds in private U.S. banks with international experience to monitor corruption risks, drawing parallels to how Iranian oil revenues were managed in the past.
- Treasury's Office of Foreign Assets Control will handle licensing, but banks involved will face significant challenges, including scrutiny over potential corrupt transactions linked to Venezuelan officials.
- Financial institutions
