U.S. Inaction Delays Spanish Money-Laundering Probe of Venezuelan Oil Dealmaker

Spain’s National Court has stalled a money-laundering prosecution of Alejandro Betancourt, the businessman behind a recent Trump-endorsed oil deal with Venezuela, after a formal request for U.S. assistance went unanswered. Judge Santiago Pedraz has set a December deadline, after which he will dismiss the case for lack of a predicate crime. The probe examines more than $4 billion allegedly diverted from state oil company PDVSA and depends on testimony from five individuals already convicted in the United States for the same scheme.

Betancourt, who also owns the Hawkers eyewear brand and holds assets in Spain, is receiving legal support from Venezuelan authorities and a top Spanish defense firm. While Spain maintains a liaison judge in Washington, the U.S. has not provided the required cooperation, even as it previously pressured Swiss prosecutors to aid Betancourt. The impasse leaves the Spanish case in limbo and benefits Betancourt’s broader legal strategy.