US President Donald Trump has repeatedly asserted that the United States has extracted billions of dollars from Venezuela through its control over the nation’s oil exports. Since the US military seized former leader Nicolás Maduro in a dramatic operation in January, major policy decisions regarding Venezuela have increasingly shifted to Washington, D.C., with key figures in the Trump administration exerting influence over the country’s governance and finances. The capture of Maduro and his wife marked a turning point in the relationship between the two nations. Despite the removal of the sitting leader, the core structure of Maduro’s regime remained intact. His vice-president, Delcy Rodríguez, took on the role of interim leader, though she lacks full authority. The US has made it clear that Rodríguez must comply with American demands, or risk facing the same fate as Maduro. This dynamic has led some analysts to describe Venezuela as effectively under US “protection” or even a de facto protectorate. While Trump himself is often cited as the central figure in these developments, several experts argue that real power lies with Secretary of State Mike Pompeo and, more specifically, Florida Senator Marco Rubio. According to Benjamin Gedan of the Stimson Institute, decision-making related to Venezuela is highly centralized within Rubio’s office. Reports indicate that Rubio has been communicating directly with Rodríguez via WhatsApp, guiding daily operations and setting conditions for the use of Venezuela’s public funds. This includes control over the country’s export revenue, which grants Rubio considerable leverage over Rodríguez, who relies on these funds to maintain basic government functions. The situation has raised concerns among Venezuelan officials and scholars. Francisco Rodriguez, a former economic advisor to the Venezuelan National Assembly, notes that the Trump administration has not questioned the political legitimacy of the Rodríguez government, despite its lack of democratic mandate. The government she leads came to power through an election widely regarded as fraudulent in 2024. Under this arrangement, Venezuela’s financial autonomy is severely restricted, with oil revenues funneled into an American-controlled bank account. Venezuela possesses the world’s largest proven oil reserves, and oil revenue constitutes roughly a quarter of the country’s GDP. However, for the last six months, oil sales have been directed into an American bank account, with only a portion of the proceeds returned to Venezuela. The exact amount transferred back remains unclear due to a lack of transparency. Francisco Rodriguez, now affiliated with the University of Denver’s Center for Economic and Policy Research, describes this system as akin to colonial administration, where the Venezuelan government operates under strict financial constraints imposed by external forces. The US claims to have taken “billions and billions” of dollars from Venezuela’s oil profits, according to Trump. The Venezuelan government is required to submit regular budgets for approval before receiving funds, effectively placing the management of the country’s resources under US oversight. This has left many Venezuelans feeling powerless, as their government is unable to act independently in matters affecting their economy and well-being. Meanwhile, the country continues to struggle with deepening economic and humanitarian crises. A series of catastrophic earthquakes in June further exacerbated existing challenges, pushing the nation closer to collapse. With more than half the population living in extreme poverty and the economy in a prolonged depression, the impact of US policies on Venezuela’s stability remains a subject of intense debate.
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