Overview
- The executive order designates Venezuelan oil-sale proceeds held in U.S. Treasury accounts as Foreign Government Deposit Funds and blocks any embargoes, judgments, or private legal claims against them.
- A U.S.-based fiduciary structure will consolidate Venezuelan public accounts and oil revenues under U.S. custody, with transfers or dealings barred without federal authorization.
- The White House cites the National Emergencies Act and IEEPA as the legal basis and frames the measure as necessary to protect U.S. foreign-policy objectives and regional stability.
- The action follows Washington’s plan to control sales of 30 to 50 million barrels of Venezuelan crude, with proceeds to be deposited into the protected accounts.
- After meeting major oil executives, the administration urged investment in Venezuela, though industry leaders expressed caution over legal and regulatory risks, with Chevron remaining the only U.S. firm licensed to operate there.