United States President Donald Trump on Friday signed an executive order to protect U.S.-held funds derived from Venezuelan oil sales, the White House said, according to reports.
The order declares a national emergency aimed at safeguarding Venezuelan oil revenue held in U.S. Treasury accounts from attachment or judicial claims.
The fact sheet accompanying the order states that Trump’s decision is intended to use Venezuela’s vast oil reserves “to advance U.S. foreign policy objectives” and to prevent those funds from being seized by creditors or courts.
The action follows a meeting in Washington on Friday where Trump urged top oil executives to invest in Venezuela’s energy sector.
The reception was cautious, with the chief executive of ExxonMobil describing Venezuela as “uninvestable” without significant legal and commercial reforms.
Several major oil companies, including ExxonMobil and ConocoPhillips, left Venezuela in the 2000s after refusing terms that would have ceded majority control of assets to the state.
These firms have long-standing efforts to recoup billions in compensation for expropriated assets, and they have expressed concern about taking part in new ventures under current conditions.
Chevron is currently the only major U.S. firm still licensed to operate in Venezuela’s oil sector.
Trump’s executive order declares a national emergency “to safeguard Venezuelan oil revenue held in U.S. Treasury accounts from attachment or judicial process,” blocking any judgment, lien, garnishment, or other judicial action against these funds.
The move places the revenues under special protection to prevent them from being seized by courts or creditors.
“President Trump is preventing the seizure of Venezuelan oil revenue that could undermine critical U.S. efforts to ensure economic and political stability in Venezuela,” the White House said.
Venezuela, once a major crude supplier to the United States, has seen its oil production decline sharply due to years of underinvestment and sanctions, contributing only a small fraction of global oil output in recent years.
Trump has framed Venezuela’s oil assets as a strategic resource to help lower U.S. energy costs and strengthen U.S. influence in the region.
The executive order comes one week after U.S. forces carried out an operation in Venezuela that resulted in the capture of President Nicolás Maduro—a move that has drawn international attention and controversy.
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