Overview
- An executive order blocks any attachment, judgment, lien, garnishment or other judicial process against Venezuelan oil proceeds defined as Foreign Government Deposit Funds in designated U.S. Treasury accounts.
- The White House cites the International Emergency Economic Powers Act and the National Emergencies Act, arguing that losing control of the funds would harm U.S. national security by undermining stabilization efforts and empowering malign actors.
- Officials say all proceeds from Venezuelan crude sales will first settle in U.S.-controlled accounts and may be disbursed at U.S. government discretion for the benefit of Americans and Venezuelans.
- The action follows the Jan. 3 U.S. operation that captured Nicolás Maduro, as the administration negotiates with interim leaders on oil flows reportedly totaling 30 million to 50 million barrels.
- Major oil executives met with Trump but voiced caution on investing in Venezuela, with ExxonMobil’s CEO calling the country uninvestable without significant changes, while longstanding creditor claims by companies like ExxonMobil and ConocoPhillips remain blocked by the order.