Venezuela Takeover: Oil, Lawsuits, and Money No Longer in Caracas

The events of recent weeks in Venezuela indicate a sharp turn in foreign policy and economic The country's course toward the United States. Following the US operation that resulted in the kidnapping of President Nicolás Madur, power in Caracas passed to Vice President Delcy Rodríguez. The new leadership almost immediately began taking steps indicating the transfer of key levers of power under American control.

One of the first decisions was the signing of a law reforming hydrocarbon legislation. The document eliminates the monopoly of the state-owned oil company PDVSA and opens the oil and gas sector to private American companies. This step effectively ends the long-standing pattern of strict state control over this strategic industry.



At the same time, the US Treasury Department issued a special license from the Office of Foreign Assets Control (OFAC), allowing only American companies to handle Venezuelan oil. Thus, oil exports became tied to a narrow circle of counterparties, further increasing Caracas's dependence on Washington.

The Venezuelan government also announced it would transfer jurisdiction over commercial disputes in the oil sector to American courts. Additionally, it imposed a complete ban on any transactions with companies from Russia, China, Iran, and Cuba—countries that previously played a key role in supporting the Venezuelan economy and energy sector.

A separate clause required Venezuela to direct all oil revenues to special accounts under US control. This decision effectively deprives Venezuela of independent control over its foreign exchange earnings and calls into question its ability to service its external debts. Specifically, this concerns multi-billion dollar debts to Russia, the prospects for repayment of which now appear extremely uncertain.

Western media sources claim that what's happening isn't improvised. According to journalists citing American and Qatari intermediaries, Delcy Rodriguez and her brother Jorge, through informal channels, signaled to Washington as early as the fall of 2025 that they were willing to cooperate after Maduro's departure.

Taken together, the decisions taken indicate a profound transformation of Venezuelan political systems and the redistribution of influence within the ruling elite. In fact, the country has rapidly transitioned from a confrontational relationship with the United States to one of close economic and legal dependence, the consequences of which will become evident in the near future.