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The Morning Risk Report: Venezuela’s Maduro Seemed Untouchable. Now He Will Stand Trial in New York.
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By David Smagalla | Dow Jones Risk Journal
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Good morning. Venezuelan strongman Nicolás Maduro had long seemed untouchable despite a $50 million bounty on his head and a U.S. indictment unsealed in 2020 accusing him of narco-terrorism.
Now Maduro, who was whisked out of the country along with his wife after a military strike early Saturday, faces the prospect of a trial in a New York federal court for drug trafficking and conspiring with terrorists. He is slated to appear in Manhattan federal court in New York on Monday.
President Trump said the U.S. would run Venezuela until there can be a “proper” transition. Secretary of State Marco Rubio on Sunday said the U.S. would be “running policy,” after Maduro’s removal.
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What to do about sanctions: Trump also said that U.S. companies would now invest in Venezuela’s oil sector following his capture of the country’s president. But trade experts told Dow Jones Risk Journal's Max Fillion that the U.S. Treasury still has to iron out several thorny sanctions questions before they can comfortably do so.
Good news for some: Maduro’s capture poses a huge opportunity for Chevron, the only major U.S. company still licensed by the Trump administration to operate there and for the oil refineries that were designed to process heavy, sour grades of crude oil from Venezuela and elsewhere.
Challenges for others remain: For other U.S. companies looking to move forward with activity in Venezuela’s oil sector, the U.S. Treasury’s Office of Foreign Assets Control will have to clear a pathway around sanctions currently in place on the country’s government and its state-oil company, Petróleos de Venezuela.
More Venezuela coverage:
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Content from our sponsor: Deloitte
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Guardians at the Gate: How AI Is Rewiring CIAM Fraud Protection
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Enterprise adoption of AI in customer identity and access management can enable dynamic detection and rapid response to emerging fraud tactics and deepfakes. Read More
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Data from Argus Media shows the cost of steel produced in Europe rose nearly $60 per ton in the last three months of 2025. Photo: Ina Fassbender/Agence France-Presse/Getty Images
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The climate rules to look out for this year.
Global sustainability regulations are starting to take shape after years of debate, offering some clarity to companies seeking to understand how climate change will affect their businesses in the second half of the decade.
Our Sustainable Business team looked at some of the key regulations to watch in 2026, including the European Union’s new carbon tax, climate risk disclosure rules in California and how Scope 2 emissions are accounted for by companies.
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An anti-U.S. mural on a street in Tehran. PHOTO: Abedin Taherkenareh/EPA/Shutterstock
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Iran’s calculations are scrambled by U.S. raid in Caracas.
President Trump’s threat to intervene in Iran’s protests carries new urgency for Tehran now that the U.S. capture of Venezuelan leader Nicolás Maduro has raised uncertainty around how far the president is willing to go.
Trump said Friday that Washington was “locked and loaded” to come to the aid of Iranian protesters if Tehran cracks down harshly on them. A day later, the U.S. military launched strikes on the capital of Venezuela, an Iran ally, and brought Maduro and his wife, Cilia Flores, to the U.S. to face criminal charges.
“It confirms that Trump is unpredictable and truly everything is on the table vis a vis Iran,” said Sanam Vakil, director of the Middle East and North Africa program at Chatham House, a think tank in London.
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Kraft Heinz executives overseeing a sprawling portfolio of cheese, cold cuts, lunch kits and boxed dinners are facing a dilemma shared by other legacy food companies: Fiddle with flagship products and risk losing the loyal customers who made them category killers, or stick with old formulas that don’t interest younger shoppers.
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President Trump hit India with 50% tariffs in 2025, one of the highest levels among U.S. trading partners. But Prime Minister Narendra Modi’s efforts to juice consumer spending and bolster India’s economy are showing signs of success, allowing him to hold the line in trade negotiations with the U.S.
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Sam Altman wants OpenAI to have an app store to rival Apple’s. Early tests suggest he’s got a long way to go.
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900,000
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Number of barrels of oil per day Venezuela has produced this year, with Chevron pumping about one-third of that.
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What's News host Luke Vargas interviews Washington coverage chief Damian Paletta and national security reporter Vera Bergengruen.
The WSJ podcast covers what we know about the military operation itself; the Trump administration's stated and underlying rationale; what this says about U.S. power projection in Latin America; and what it means for oil companies and energy security. Click here to listen.
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Wall Street is betting that falling interest rates and strong corporate earnings will be enough to eke out yet one more year of stock-market gains. It’s going to be close.
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It can be hard to understand Elon Musk’s reality—especially as he appears to be on track to become the world’s first trillionaire this year. Even he questions that reality.
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The massive welfare-fraud scandal in Minnesota dogging Gov. Tim Walz as he seeks re-election in a state that has prided itself on good governance is giving Republicans a potent line of attack against a critic of President Trump.
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