Trump prevents courts and creditors from seizing Venezuelan oil revenues

The White House said on Saturday that President Donald Trump signed an executive order aimed at preventing courts or creditors from seizing revenues related to the sale of Venezuelan oil deposited in US Treasury accounts.

The executive order stipulates that these proceeds, deposited in foreign government deposit accounts, must be used in Venezuela to contribute to “peace, prosperity, and stability.” Trump signed the order yesterday, Friday, days after US forces took Venezuelan President Nicolas Maduro out of the country.

Several companies are claiming long-standing financial rights against the state. For example, ExxonMobil and ConocoPhillips exited Venezuela about 20 years ago after nationalizing their assets, and each of them is still demanding benefits worth billions of dollars.

The executive order did not mention any company by name, and stipulates that the funds are the sovereign property of Venezuela, are reserved with the United States for governmental and diplomatic purposes and are not subject to any private claims. The White House added in a statement, “President Trump prevents the seizure of Venezuelan oil revenues, which may undermine the vital efforts made by the United States to ensure economic and political stability in Venezuela.”

An agreement concluded by Washington with the interim leaders in Venezuela stipulates the supply of up to 50 million barrels of crude oil to the United States.