Where is Venezuela’s oil money?

Summary by Krater

This video examines why the $13 billion in Venezuelan oil revenue collected by the United States after taking control of oil exports and removing Nicolás Maduro has not resulted in corresponding improvements to Venezuela's economy, which is still struggling with the aftermath of massive earthquakes. It concludes that complex corporate structures, international legal hurdles, and the US government's insistence on treating Venezuela as a sovereign debtor rather than an ordinary bankrupt entity have trapped the funds and made them unavailable for humanitarian relief or economic recovery.

From the video

Answers: Why hasn't the billions in Venezuelan oil revenue seized by the US reached Venezuela?

• Venezuelan oil revenue and economic crisis
• US seizure of Venezuelan oil exports and assets
• Executive Order 14373 and IEEPA safe harbor
• Citgo petroleum company auction and legal disputes
• Bank of England Venezuelan gold reserves litigation
• Corporate veil piercing in sovereign debt cases
• One voice doctrine in UK foreign policy

What it concludes

• The Trump administration collected more than $13 billion in revenues from Venezuelan oil sales since January, but has provided almost nothing to help the Venezuelan economy or earthquake relief.
• Venezuela's first-quarter GDP grew by just 2.5 per cent despite a 25 per cent surge in crude exports, demonstrating that oil revenue is leaving the country while money is not returning.
• Executive Order 14373 granted legal immunity to Venezuelan oil revenues held in US treasury accounts, creating a legal safe harbor intended to protect funds from creditors so they could rebuild Venezuela's collapsed energy sector.
• The White House has published almost nothing and failed to provide promised quarterly audits from KPMG, leading lawmakers from both parties to question why Congress is being kept in the dark.
• US courts have consistently applied the Banner rule and statutory terrorism risk insurance exceptions to allow creditors to seize Venezuelan assets, bypassing the protective intent of executive orders.
• The UK Supreme Court's adoption of the "one voice" principle means English courts treat foreign office statements as conclusive, resulting in courts recognizing Juan Guaidó's appointed board and blocking Maduro's access to Bank of England gold reserves.