Trump signs order blocking court seizure of Venezuelan oil revenue
What's the story
United States President Donald Trump has signed an executive order preventing courts or creditors from seizing revenue from Venezuelan oil sales in US Treasury accounts. The emergency order states that the revenue should be used in Venezuela to foster "peace, prosperity and stability." The order does not name any specific companies but states that the money is Venezuela's sovereign property in US custody for governmental and diplomatic purposes. It is not subject to private claims.
Industry engagement
Trump's meeting with oil executives
Trump signed the order on the same day he met in Washington with executives from Exxon, Conoco, Chevron, as well as other oil companies. The meeting was part of an effort to persuade them to invest $100 billion in Venezuela's oil industry. A US agreement with Venezuela's interim leaders would allow up to 50 million barrels of crude oil to be sent to the US for refining at specialized refineries.
Legal basis
Legal justification for executive order
Trump cited the 1977 International Emergency Economic Powers Act, and the 1976 National Emergencies Act as legal grounds for this executive order. The move comes amid long-standing claims by companies like Exxon Mobil and ConocoPhillips against Venezuela, which nationalized their assets nearly two decades ago. ConocoPhillips CEO Ryan Lance had earlier told Trump that his firm was owed $12 billion by Venezuela.