Overview
- The executive order bars any attachment, judgment, lien, garnishment, or similar judicial process against designated Foreign Government Deposit Funds unless specifically licensed.
- The funds are defined as revenue from Venezuelan crude and diluent sales held in U.S. Treasury accounts and are treated as Venezuelan sovereign property in U.S. custody, not subject to private claims.
- Officials said all proceeds from Venezuelan oil sales will first settle in U.S.-controlled bank accounts, with disbursements directed by the U.S. government for the benefit of Venezuelans and Americans.
- Trump cited the International Emergency Economic Powers Act and the National Emergencies Act and argued the move is vital to U.S. goals including curbing illegal migration, disrupting narcotics, and countering actors such as Iran and Hezbollah.
- Following a White House meeting to spur up to $100 billion in energy investment, oil executives voiced caution, with ExxonMobil’s CEO calling Venezuela “uninvestable” for now; the order follows last week’s U.S. operation that captured Nicolás Maduro.