Trump signs order protecting Venezuelan oil revenue from legal claims

By Dan McCaleb
The Center Square

President Donald Trump on Saturday signed an executive order to protect revenue from all sales of Venezuelan oil held in U.S. Treasury accounts from seizure by courts or creditors.

Citing the International Emergency Economic Powers Act and the National Emergencies Act, Trump said the executive order is necessary to protect the national security and foreign policy of the United States and its efforts to bring political stability to Venezuela.

“Specifically, the attachment or the imposition of other judicial process against the Foreign Government Deposit Funds will substantially interfere with our critical efforts to ensure economic and political stability in Venezuela,” the order reads. :The failure of these critical efforts would jeopardize major foreign policy objectives of the United States, including: ending the dangerous influx of illegal immigrants and the flood of illicit narcotics, which has resulted in the death of countless thousands of American citizens; protecting American interests against malign actors such as Iran and Hezbollah; and bringing peace, prosperity, and stability to the Venezuelan people and to the Western Hemisphere more generally.”

A week ago, the U.S. carried out an air, land and sea operation in Venezuela’s capital and apprehended Venezuelan President Nicolas Maduro and his wife, who are now being held in New York on federal charges related to running an international narco-terrorism operation.

Trump later said the U.S. would help run Venezuela until it is politically and economically stable.

The Foreign Government Deposit Funds are sovereign assets of Venezuela and need to be protected from private legal claims, according to a White House statement.

“The Foreign Government Deposit Funds constitute property of the Government of Venezuela and do not constitute the property of any private party, including judgment creditors of Venezuela or its agencies or instrumentalities, or commercial actors that transacted or are transacting business with Venezuela or its agencies or instrumentalities,” the order reads.

“The United States Government will hold the Foreign Government Deposit Funds solely in a custodial and governmental capacity, and not as a market participant.”