Trump Bars Courts From Claiming Venezuelan Oil Revenue Held in U.S.
U.S. President Donald Trump took another step toward controlling future sales of Venezuelan oil and its proceeds by declaring a national emergency and issuing a directive meant to block claims on the revenue, Bloomberg reported.
The executive order Trump signed Saturday is meant to safeguard Venezuelan oil revenue held in US Treasury accounts, blocking it from the Latin American country’s creditors and preventing its seizure to satisfy debts or other legal claims, according to a White House fact sheet. The goal is “ensuring these funds are preserved to advance US foreign policy objectives,” the fact sheet said.
The order “affirms the funds are sovereign property of Venezuela” even when held in US custody for government and diplomatic purposes, and therefore not subject to private claims, the White House said.
The Trump administration has said it will use the proceeds from the sale of Venezuelan oil — beginning with what Trump has claimed as 30 million to 50 million barrels — to benefit the Venezuelan and American people. The sales are meant to help drain a growing accumulation of crude in storage and keep revenue flowing following the capture of Nicolás Maduro.
The order “affirms the funds are sovereign property of Venezuela” even when held in US custody for government and diplomatic purposes, and therefore not subject to private claims, the White House said.
The Trump administration has said it will use the proceeds from the sale of Venezuelan oil — beginning with what Trump has claimed as 30 million to 50 million barrels — to benefit the Venezuelan and American people. The sales are meant to help drain a growing accumulation of crude in storage and keep revenue flowing following the capture of Nicolás Maduro.
Trump cited the 1977 International Emergency Economic Powers Act and the 1976 National Emergencies Act as a legal justification.
Trump signed the order the same day he met in Washington with executives from Exxon, Conoco, Chevron CVX.N and other oil companies as part of a bid to encourage them to invest $100 billion in Venezuela’s oil industry.
