Overview
- President Trump signed an executive order designating Venezuelan oil-sale proceeds held in Treasury accounts as sovereign assets protected from creditor claims and court enforcement.
- The order labels the deposits as Foreign Government Deposit Funds, voiding private liens or seizures and citing U.S. foreign policy and regional stability interests.
- Treasury will act as custodian of the money, and the Secretary of State will determine its ultimate disposition consistent with U.S. recognition of Venezuela’s legitimate authorities.
- The move followed a White House meeting with oil executives where Trump touted at least $100 billion in future investment, a claim greeted with skepticism by industry leaders including ExxonMobil’s Darren Woods, while Chevron remains the only U.S. major operating there under license.
- Venezuela said it has begun an exploratory diplomatic process with Washington and confirmed a State Department delegation arrived for technical and logistical assessments.