President Donald Trump signed an executive order Saturday establishing legal protections for Venezuelan oil revenues currently under U.S. control. The directive invokes emergency powers to prevent the funds from being claimed in court proceedings, which the administration argues could jeopardize American efforts to stabilize Venezuela’s economy and political system.
The order arrives as the White House seeks to attract U.S. energy companies to invest in Venezuela following the recent ouster of Nicolás Maduro.
Major oil industry leaders have expressed skepticism about Venezuela’s viability as an investment destination. At a Friday White House meeting with energy executives, ExxonMobil CEO Darren Woods characterized the South American nation’s current business environment as unsuitable for investment due to existing commercial structures.
Trump attempted to address these apprehensions by emphasizing that companies would conduct transactions with the U.S. government rather than Venezuelan authorities.
The executive order designates the oil proceeds as Venezuelan property held by the United States for official governmental and diplomatic objectives. The directive specifies that these funds cannot be subject to private legal claims.
