Colombian President Gustavo Petro has chosen to lay bare his financial affairs after being sanctioned by the Washington government, which accuses him of alleged ties to drug trafficking.
The sanctions, enforced by the Office of Foreign Assets Control (OFAC), resulted in the freezing of Petro's bank accounts and even led to the refusal of fuel for his plane in Cabo Verde.
U.S. President Donald Trump labeled him as a "narcotics leader," prompting Petro to counter with transparency. On the social media platform X, the president announced his intent to disclose all his financial transactions and requested that investigations extend to his pre-presidency years.
Analysts have interpreted this move as a desperate effort to salvage his reputation, yet it highlights a contradiction: the transparency intended to showcase his frugality inadvertently revealed personal preferences and luxuries that have sparked debate on social media.
Financial Disclosures: Luxury and Controversy
The Financial Information and Analysis Unit (UIAF) compiled a report detailing Petro's income and expenditures from January 2023 to June 2025. Among his 12 bank accounts, only two show notable activity: one at Scotiabank for paying off his home's mortgage in Chía, and another at BBVA, which handles most of his personal transactions.
During this period, Petro's earnings reached 1.31 billion pesos (approximately $350,000), largely from his presidential salary. However, his expenses exceeded 1.4 billion pesos (around $380,000), resulting in a minor deficit.
Amid an official visit to Portugal in May 2023, Petro spent 5.2 million pesos (about $1,400) at Gucci, and a year later, he shelled out 2.1 million pesos ($560) at the Italian boutique Casa dei Tessuti.
The most controversial transaction was a payment of 209,000 pesos (about $50) at Menage Strip Club, a Lisbon-based establishment known for advertising its "most attractive girls ready to fulfill your desires."
Moreover, the UIAF identified cash withdrawals totaling over 756 million pesos (around $200,000) made by three individuals close to Petro: Jesusita Quirós, Laura Sarabia, and Angie Rodríguez.
Regular transfers were also made to Ingrid Plata, a friend of First Lady Verónica Alcocer, who received five million pesos (approximately $1,300) in June.
While the agency clarifies that "the information does not conclude any criminal activities," these figures have raised new suspicions in Colombia.
Petro's Defense: "Isn't It Odd That I Only Spend What I Earn?"
In response to the uproar caused by his financial disclosures in both national and international media, Petro once again took to his social media accounts to defend himself against Trump's accusations and media scrutiny.
"The big question is: Can you prove my expenses exceed my salary and book royalties? (…) Isn't it alarming that my bank accounts contradict President Trump's assessment of a democratically elected Colombian leader? Is it conceivable for a drug lord to be paying off a house for 14 years without any other properties surfacing? Isn't it odd that I only spend what I earn?" he posted on his official X account.
The president aims to turn the accusation into a public debate, portraying himself as a victim of an international political offensive. Yet, in his bid to prove his innocence, he has revealed a financial portrait intertwined with a mortgage, European luxuries, and a night at a strip club.
Can these private financial details of Petro reshape the U.S. president's stance and disentangle him from a potential connection to drug trafficking in Colombia? The strategy remains ambiguous, potentially igniting further discussions on social media about the Colombian leader.
Key Questions About Petro's Financial Controversy
Why did Gustavo Petro reveal his financial details?
Gustavo Petro disclosed his financial information in response to sanctions from the U.S. government and accusations from Donald Trump of having ties to drug trafficking. He sought to demonstrate transparency and counter these claims.
What controversial expenses were highlighted in Petro's financial report?
The report highlighted several contentious expenses, including purchases at high-end stores like Gucci, a visit to Menage Strip Club in Lisbon, and substantial cash withdrawals by people in his inner circle.
How did Petro defend his financial actions?
Petro defended his financial actions by stating that his expenses are within his earnings, including his salary and book royalties. He questioned the logic of a drug lord living a modest lifestyle.