President Donald Trump claimed that the U.S. has seized over $13 billion in oil revenues from Venezuela and is using it for “running the country” in remarks on Monday in which he threatened to do the same to Iran. Late last week, the Financial Times estimated that the U.S. has put roughly $13 billion of Venezuela’s oil revenues into a reported U.S. Treasury account ever since the Trump…
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Some critics of the Trump administration are reacting with horror to revelations that US Secretary of State Marco Rubio has been serving as the de facto ruler of Venezuela. According to a Saturday report in The New York Times, Rubio for the last several months has been acting informally as the “viceroy” of Venezuela ever since its recognized president, Nicolás Maduro, was abducted by the…
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This story originally appeared in Common Dreams on July 06, 2026. It is shared here under a Creative Commons (CC BY-NC-ND 3.0) license.
The Trump administration has seized at least $8 billion worth of Venezuela’s oil wealth since it overthrew President Nicolás Maduro in January, according to the New York Times.
Now, as Venezuela struggles to cope with a catastrophic pair of earthquakes late last month that killed at least 3,300 people and left tens of thousands more injured and homeless, and 41,000-50,000 people are reported missing, the US is providing just $300 million in humanitarian aid, a small fraction of the money it purloined.
The Associated Press reported on Monday that international rescue teams have begun to pull out as hopes of finding missing loved ones alive dwindle each day after the disaster.
🇻🇪 Update: The death toll has risen to 3,342, with 16,740 people injured, the country’s Communication and Information Ministry said Sunday. https://t.co/HQfKAMomRZ— Drop Site (@DropSiteNews) July 6, 2026
Shortly after deposing Maduro, US President Donald Trump declared that the US “took over Venezuela… and the oil is flowing.”
Economist Francisco Rodriguez has found that during the first quarter of 2026, after Trump overthrew Maduro and the US began expropriating Venezuelan oil, the country experienced the lowest rate of economic growth since 2021, even as oil exports rose.
As Roxanna Vigil, a former senior sanctions policy adviser at the US Treasury Department’s Office of Foreign Assets Control, explained in an article for the Council on Foreign Relations last month, “almost 100 million barrels of oil worth an estimated $8 billion have flowed through a process marked by no transparency and minimal oversight.”
“While the Trump administration has repeatedly framed this control as benefiting both countries, it has not publicly disclosed how much Venezuelan oil it
Rescue efforts in Venezuela continue as thousands of people remain missing — trapped under the rubble of flattened homes and buildings nearly a week after two back-to-back earthquakes devastated the capital, Caracas, and the nearby city of La Guaira. Rescue teams are desperately searching for survivors, with Venezuelan health officials saying Monday that over 1,700 people are confirmed dead.
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The death toll from twin earthquakes that hit Venezuela Wednesday night is expected to reach into the thousands as rescuers continue to search for bodies trapped in the rubble. Hospitals are rapidly reaching a breaking point, and thousands of survivors have been left homeless. Reporter Andreína Chávez’s building was one of the countless residences in Venezuela’s capital Caracas and its surrounding…
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