According to an official letter sent by the Venezuelan administration, and as per caught by ElDiario, the country is telling both shipping companies and airlines to pay for fuel bought from Caracas directly into a bank account pertaining to the United States Treasury. The missive, signed by the hydrocarbons ministry, orders the money be wired to a custodial account.
The new arrangement comes when "oil has been flowing to the United States" since March, and gives Washington direct control over Venezuelan fuel revenues. The report states that the US receives, manages, and administers money coming from the south American country's natural resources, with US Secretary of State Marco Rubio confirming that Venezuela would have to request approval for how the funds are spent.
The report frames the measure as a major blow to Venezuelan sovereignty, citing several sources that describe it as a direct intervention as payments owned to Venezuela will be effectively staying under US custody, and with Trump's executive order shielding the account from claims by creditor.