New Delhi, Jan 4 (NationPress) Uday Kotak, the founder of Kotak Mahindra Bank, stated on Sunday that the US's intervention in Venezuela and the apprehension of President Nicolás Maduro symbolize the ongoing competition for hard power among nations in the modern era.

Kotak emphasized that Venezuela possesses the largest oil reserves globally, suggesting that the US operation in this South American nation is closely associated with this resource.

"The United States is seizing control of Venezuela, which holds the world's largest oil reserves. As I mentioned in my reflections at the end of the year, we are in an era defined by hard power, and nations are vying for dominance," he expressed on X.

The seasoned banker pointed out that the global landscape has shifted to be less accepting of diverse viewpoints, becoming more transactional in nature, with hard power eclipsing soft power. He noted that the competition among nations is intensifying and increasingly oblivious to its repercussions.

President Donald Trump declared at a press conference following Maduro's capture that the US would oversee Venezuela, and that American oil corporations would invest billions to boost oil production in the Latin American nation.

"We will deploy our major U.S. oil firms, the largest globally, to invest billions, repair the severely damaged oil infrastructure, and start generating revenue for the nation," he stated.

Trump also remarked that Venezuela had previously seized the assets of U.S. oil companies, which will now be reclaimed. He referred to the nationalization of oilfields by former President Hugo Chavez around two decades ago, which affected firms like Exxon Mobil and ConocoPhillips.

Trump asserted that the US would maintain control over Venezuela until a "safe, proper, and judicious transition" could be achieved, following the US strikes.

Maduro and his spouse, Cilia Flores, were captured and transported from Caracas, Venezuela's capital, by a US helicopter early Saturday and taken aboard the USS Iwo Jima at an undisclosed location in the Caribbean.

They were then flown to the US Naval Base at Guantanamo Bay, Cuba, before being transferred to another aircraft and landing in New York state. Ultimately, the couple was helicoptered to the Metropolitan Detention Center in Brooklyn, New York, where they are set to face charges related to alleged drug trafficking.

In response, Venezuela declared a state of national emergency and condemned the "military aggression," with the Vice President asserting that Maduro remains the country's sole leader.