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Witness: U.S.-supervised sales of sanctioned Venezuelan oil aim to stabilize country and fund services
Summary
An unidentified witness told a congressional committee the U.S. is allowing some previously sanctioned Venezuelan oil to be sold under U.S. oversight, with proceeds deposited to fund essential services and support a transition toward a more open oil sector, citing a new hydrocarbon law and releases of political prisoners.
An unidentified witness (Witness) told a committee the United States has negotiated a short-term arrangement to allow some sanctioned Venezuelan oil to be moved to market under U.S. oversight, with proceeds held and released to pay essential services in Venezuela.
The witness said the arrangement, part of an effort to avoid a collapse or mass displacement after the removal of the previous leadership, is meant to reduce immediate humanitarian and fiscal pressure. "We will allow you to move it to market at market prices," the witness said, describing oversight of proceeds and monthly budget requests from Venezuelan authorities. The witness added that the mechanism is temporary and is intended to ensure that oil revenues benefit "the Venezuelan people,"…
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