US Greenlights Venezuela Oil Sales Under Sanctions

The Trump administration intends to permit Venezuela to sell oil under US sanctions, prioritizing revenue use for essential services. The US will oversee fund allocation to stabilize Venezuela. Secretary of State Marco Rubio outlined the strategy during a Senate hearing, emphasizing oversight and revenue management.

In a significant policy shift, the Trump administration will permit Venezuela to sell oil currently under US sanctions, with the revenue directed towards essential services. This announcement came from Secretary of State Marco Rubio during a Senate Foreign Relations Committee hearing on Wednesday.

Rubio emphasized that the US would retain oversight of the oil revenue to ensure its use in stabilizing Venezuela. The funds will be deposited into an account monitored by the US Treasury, with a focus on benefiting the Venezuelan people.

Venezuela's substantial oil reserves are at the center of this strategy, following the capture of then-President Nicolas Maduro. The decision aims to prevent systemic collapse while overseeing the sale of petroleum as an interim measure.

(With inputs from agencies.)