President Donald Trump on Saturday signed an executive order designed to shield revenue from Venezuelan oil sales held in U.S. Treasury accounts from seizure by courts or creditors, a move the White House says will help support broader U.S. goals for economic and political stability in Venezuela.The order, issued under emergency powers, prohibits attachment, judgment, liens or other judicial actions against the Foreign Government Deposit Funds, which is revenue derived from Venezuelan crude and related sales that is currently held in U.S. accounts, the administration said.
According to a White House statement, those funds are sovereign assets of Venezuela and should be protected from private legal claims as the United States works to advance diplomatic and policy objectives.
The action comes about one week after U.S. forces captured Venezuelan President Nicolás Maduro in Caracas and as the administration negotiates expanded oil cooperation with Venezuela’s interim leaders.
Trump hosted executives on Friday from major U.S. oil companies, including Exxon Mobil, ConocoPhillips and Chevron, who are seeking as much as $100 billion in investment to help revitalize Venezuela’s oil sector.
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