A congressional watchdog has formally opened an investigation into the Trump administration's management of more than $13 billion in revenue generated from Venezuelan oil exports, following bipartisan requests for greater transparency over how the funds have been handled.
The U.S. Government Accountability Office (GAO) confirmed it has begun reviewing the oil fund, marking the first formal federal oversight of a system created after Washington took control of Venezuela's oil exports earlier this year.
According to Spain's ABC, lawmakers want the GAO to identify the bank accounts holding the money, the financial institutions involved, the fees and commissions charged, the payments authorized, and the safeguards in place against fraud, corruption and conflicts of interest. The review will also examine the roles of the State, Treasury and Energy departments, as well as contractors involved in administering the fund.
The investigation follows President Donald Trump commenting earlier this week that the U.S. has collected "even more" than the $13 billion. Speaking aboard Air Force One, Trump said the proceeds had paid for the military operation in Venezuela "many times over" and described the U.S. as taking in "billions and billions of dollars" from Venezuelan oil.
He also said the money was being used to "run Venezuela," though he did not specify how the funds had been spent.
An executive order signed by Trump states that the oil revenues remain the sovereign property of Venezuela and are held by the United States in a custodial capacity. State Department official Michael Kozak previously told Congress, "It's their money, but ... they have to get our permission," referring to Washington's authority over disbursements.
Rubio has said the accounts are subject to an ongoing KPMG audit, while Kozak previously told lawmakers that roughly $3 billion had been transferred to Venezuela for government salaries, oil-sector supplies and other approved expenditures.
The Financial Times, which estimated total oil revenues at more than $13 billion using shipping and pricing data, reported that economists and members of Congress have questioned why Venezuela's economic recovery has remained limited despite the increase in oil income. The site also noted that the Venezuelan government's transparency website lists only a single $300 million transfer, with no public accounting of the remaining funds.
Treasury officials told ABC that funds have been made available to Venezuela's government without delay and that compliance monitoring is in place to ensure the money benefits the Venezuelan people. However, the department has not released account balances, audit reports, detailed disbursement records or information on management fees.
The GAO's review is expected to examine whether those assurances are supported by documentation and whether the administration can fully account for the oil revenues under its control.
