President Donald Trump signed an executive order Saturday to prevent Venezuelan oil revenues held by the United States from being seized in judicial proceedings. The order, released from West Palm Beach, Florida, declares the funds to be Venezuelan property held by the U.S. for “governmental and diplomatic purposes” and not subject to private claims.
The order warns that allowing the funds to be entangled in court proceedings could “undermine critical U.S. efforts to ensure economic and political stability in Venezuela.” Trump invoked the National Emergencies Act and the International Emergency Economic Powers Act as the legal basis, characterizing the risk of judicial seizure as an “unusual and extraordinary threat” to the United States.
The order adds legal protection to an oil-revenue regime the Trump administration is still struggling to make attractive to private investors, as top oil executives warned Friday that Venezuela’s instability and history of asset seizures render the country effectively uninvestable at present.
Oil executives flag investment barriers
The executive order came a day after Trump convened a meeting with oil company executives at which the mood on Venezuela was cautious. Darren Woods, chief executive of ExxonMobil, the largest U.S. oil company, told attendees that conditions on the ground remain prohibitive.
“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable,” Woods said.
Trump sought to reassure the executives during the session, telling them they would be dealing directly with the United States rather than with the Venezuelan government — an arrangement the administration is framing as a workaround for the country’s history of state asset seizures, ongoing U.S. sanctions, and decades of political uncertainty.
Scope of U.S. control over Venezuelan oil
Attracting U.S. oil company investment to rebuild Venezuela’s deteriorated energy infrastructure is a stated priority of the Trump administration following the capture of former leader Nicolás Maduro. Trump has seized tankers carrying Venezuelan oil and said the U.S. is taking over sales of 30 million to 50 million barrels of previously sanctioned Venezuelan crude, with plans to control sales worldwide indefinitely.
The White House has framed the overall effort to manage Venezuela in economic terms, with Trump telling executives they would work directly through Washington.
On Saturday, Trump posted on his social media site: “I love the Venezuelan people, and am already making Venezuela rich and safe again. Congratulations and thank you to all of those people who are making this possible!!!”