Uday Kotak on US Takeover of Venezuela: A Race for Hard Power

January 4, 2026

New Delhi: Kotak Mahindra Bank founder Uday Kotak on Sunday described the US attack on Venezuela and the capture of its President Nicholas Maduro as a reflection of the “race for hard power” among nations in today’s world. He pointed out that Venezuela holds the “largest oil reserves on earth,” suggesting that the US operation in the South American nation was closely linked to its vast energy resources.

Kotak wrote on X, “The United States takes control over Venezuela, which has the largest oil reserves on earth. As I said in my year-end musings, this is a world of hard power, and the race between nations is on.” He had earlier noted that global relations have become more transactional, with hard power increasingly dominating over soft power.

US Plans to Control Venezuela’s Oil Assets

The United States takes control over Venezuela, which has the largest oil reserves on earth. As I said in my year end musings, this is a world of hard power, and the race between nations is on.

— Uday Kotak (@udaykotak) January 4, 2026

President Donald Trump, at a press conference following Maduro’s capture, stated that the US would “run” Venezuela and that American oil companies would invest billions of dollars to revive the country’s oil infrastructure and produce more oil. He also emphasized that Venezuela had previously seized oil assets of US companies such as Exxon Mobil and ConocoPhillips, which the US intends to recover.

Trump added that US control would continue until a “safe, proper and judicious transition” could be ensured.

Maduro Captured, Venezuela Declares National Emergency

Maduro and his wife Cilia Flores were captured in the early hours of Saturday and flown from Caracas to the USS Iwo Jima, then to the US Naval Base at Guantanamo Bay, and finally to New York City’s Metropolitan Detention Center in Brooklyn. They are expected to face charges related to alleged drug trafficking.

In response, Venezuela declared a state of national emergency and condemned the “military aggression,” with the country’s Vice President asserting that Maduro remains its only legitimate leader.