Rubio insisted that Caracas needs to have its expenses approved by Washington. (Bill Clark/CQ Roll Call)
Caracas, January 29, 2026 (venezuelanalysis.com) – US Secretary of State Marco Rubio defended the Trump administration’s January 3 attack on Venezuela and kidnapping of President Nicolás Maduro during a Senate hearing on Wednesday.
“[Having Maduro in power] was an enormous strategic risk for the United States,“ Rubio said in his testimony to the Senate Committee on Foreign Relations. “It was an untenable situation, and it had to be addressed.”
The Trump official claimed that the military operation aimed to “aid law enforcement” and did not constitute an act of war. He likewise emphasized the White House’s concern about Venezuela allegedly being a “base of operations” for US geopolitical rivals Iran, Russia, and China.
Rubio faced criticism from multiple senators, with Rand Paul arguing that the White House would consider a similar attack directed against the US as an act of war. Despite widespread criticism from Democrats and a handful of Republicans, efforts to pass War Powers resolutions have been narrowly defeated in both the Senate and the House of Representatives.
Maduro and First Lady Cilia Flores pleaded not guilty to charges including drug trafficking conspiracy in a New York federal court on January 5. US officials have never presented evidence tying high-ranking Venezuelan leaders to narcotics activities, and specialized agencies have consistently found the Caribbean nation to play a marginal role in global drug trafficking.
The Venezuelan government, led by Acting President Delcy Rodríguez, has repeatedly denounced the US attack and demanded the release of Maduro and Flores. At the same time, Rodríguez and other officials have advocated for renewed diplomatic engagement to settle “differences” with Washington.
The January 3 strikes, which killed 100 people, have drawn widespread condemnation in Latin America and beyond. A recent Progressive International summit in Colombia called for a joint regional response against US aggression.
During Wednesday’s hearing, Rubio reiterated the US government’s plans to control the Venezuelan oil sector and impose conditions on the acting Rodríguez administration. He added that the White House is seeking stability in the South American country ahead of a “democratic transition.”
Rubio additionally confirmed that Washington is administering Venezuelan oil sales, with proceeds deposited in US-controlled bank accounts in Qatar before a portion is rerouted to Caracas. He added that at some point the funds will run through Treasury Department accounts in the United States.
Democratic senators questioned the legality and transparency of the present arrangement. The Secretary of State further claimed that Caracas would need to submit a “budget request” before accessing its funds.
The initial deal reportedly comprised some 50 million barrels of oil, worth around $2 billion, that had accumulated due to a US naval blockade of Venezuelan exports. After a reported $300 million were turned over to Venezuelan private banks last week, the Venezuelan Central Bank announced that a further $200 million will be made available in early February.
Venezuelan banks are offering the foreign currency in auction to customers, with officials vowing priority for imports in the food and healthcare sectors.
According to Reuters, the US Treasury Department is preparing a general license to allow select corporations to engage in oil dealings with Caracas. Since 2017, the Venezuelan oil industry has been under wide-reaching unilateral coercive measures, including financial sanctions, an export embargo, and secondary sanctions.
In his address, Rubio went on to state that Venezuelan authorities “deserve credit for eradicating Chávez-era restrictions on private investment” in the oil industry, in reference to a recent overhaul of the country’s 2001 Hydrocarbons preliminarily approved last week. He added that a portion of oil revenues will be used for imports from US manufacturers.
On Tuesday, Acting President Rodríguez announced during a televised broadcast that Venezuela was importing medical equipment from the US using “unblocked funds.”
The Venezuelan leader emphasized the importance of relations based on mutual respect with the US and rejected claims that her government is subject to dictates from foreign actors. She affirmed that there are open “communication channels” with the Trump administration and collaboration with Rubio on a “working agenda.”
The acting authorities in Caracas have sought to promote a significant rebound of crude production by offering expanded benefits to private investors as part of the reform bill. Expected to be finally approved in the coming weeks, the new law abrogates provisions introduced under former President Hugo Chávez to ensure majority state control over the oil sector in favor of flexible arrangements granting substantial autonomy to corporate partners.