Nicolás Maduro has been held in U.S. federal custody in New York since his January 2026 capture during a U.S. military operation, facing an expanded indictment that includes narco-terrorism, drug trafficking, weapons charges, and a recent superseding count of conspiracy to commit torture. The October 15 arraignment saw both Maduro and his wife plead not guilty to the torture allegations, with their defense team advancing sovereign immunity arguments and the court setting trial for June 2027. These proceedings, combined with Venezuela’s interim government under Delcy Rodríguez pursuing closer U.S. ties, underpin trader consensus around no prison time as the leading outcome while still pricing in meaningful probability of a lengthy sentence if conviction occurs on all counts.