Overview
- An executive order blocks attachments, judgments, liens and other judicial actions against Foreign Government Deposit Funds tied to Venezuelan oil and diluent sales held in U.S. Treasury accounts.
- The White House says the funds remain Venezuela’s sovereign property held in U.S. custody for governmental and diplomatic purposes, are not subject to private claims, and are protected under the new directive that supersedes prior orders.
- Press Secretary Karoline Leavitt said all proceeds from Venezuelan crude sales will first settle in U.S.-controlled bank accounts and will be disbursed at the U.S. government’s discretion for the benefit of Americans and Venezuelans.
- The directive declares a national emergency and cites the International Emergency Economic Powers Act and the National Emergencies Act as its legal basis.
- The move follows the U.S. capture of Nicolás Maduro and a White House meeting with ExxonMobil, ConocoPhillips and Chevron executives, with some industry leaders warning Venezuela is currently “uninvestable” even as longstanding creditor claims remain unresolved.