As of 2026, Venezuela’s **Oil-for-loan** accounts for a critical portion of the country’s total external debt.
This is because the Maduro regime borrowed money from China and Russia in order to survive under sanctions from the international community and made abusing contracts to hand over oil in return.
The current estimated specific proportion and status are as follows.
1. Proportion of oil-secured debt among total foreign debt
Venezuela’s total external debt is estimated at more than $150 billion (about 200 trillion won), much of which is owed in oil.
China (largest creditor): Approximately $50 to $60 billion of total foreign debt is Chinese-related, much of it tied to oil supply contracts. Already billions of dollars worth of oil flow into China every month to repay principal and interest.
Russia (strategic creditor country): Approximately $10 billion in debt is intertwined with state-run oil company Rosneft, and many of Venezuela’s shares in major oil fields are held as collateral in Russia.
2. Debt repayment ratio compared to production (realistic severity)
What is more serious than the amount is **””how much of the oil extracted per day should be used to repay debt.””**
Forced Allocation: Under the former Maduro regime, **approximately 40-50%** of Venezuela’s oil production was shipped **’for debt relief” to China and Russia**, rather than as cash revenue.
No real profits: As a result, even if oil was sold, little cash came into the country, resulting in a vicious cycle in which the economy was paralyzed.
3. Possibility of legal dispute when the United States takes over
In connection with the user’s question, “How will the United States own oil?”, this debt ratio is a very big obstacle.
Security Conflict: Russia and China will argue that “we have already lent the money and held our oil field shares as collateral, so it is illegal for the United States to take them.”
Declaration of default: If the new U.S.-backed government tries to collect on debt by declaring that “Maduro’s unequal contract is null and void,” this will lead to lawsuits in international courts as well as serious diplomatic friction with China and Russia.
To summarize
Almost half of Venezuela’s oil is already mortgaged to China and Russia. In order for the United States to fully ‘own’ this oil, it must go beyond simply arresting Maduro and resolve complex and massive debt restructuring negotiations with China and Russia.
Trump’s response to China and Russia
The end point of actions such as tariff wars
It was Venezuela.