Trump’s Executive Order Shields Funds from Venezuelan Oil
US President Donald Trump’s new executive order on Venezuelan oil revenue aims to safeguard the funds from being utilized in judicial proceedings. The executive order, released on Saturday, states that if the funds were to be seized for such purposes, it could jeopardize essential US efforts to maintain economic and political stability in Venezuela. The directive arrives as leading oil company executives express concern that the chaos and uncertainty in Venezuela may render the nation a less appealing option for private investment and reconstruction efforts.
“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable,” said Darren Woods during a meeting convened by Trump with oil executives on Friday. During the session, Trump sought to alleviate the worries of the oil companies, stating that the executives would engage directly with the US, rather than the Venezuelan government. Venezuela’s narrative is marked by state asset seizures, persistent US sanctions, and a prolonged period of political uncertainty.
Encouraging US oil companies to invest in Venezuela and assist in the reconstruction of the nation’s infrastructure stands as a primary objective of the Trump administration following the significant ousting of former leader Nicolas Maduro. The White House is presenting the initiative regarding Venezuela in economic terms. Trump has taken control of tankers carrying Venezuelan oil, stating that the US is assuming responsibility for the sales of 30 million to 50 million barrels of previously sanctioned Venezuelan crude, with intentions to manage sales globally for an indefinite period.
“I love the Venezuelan people, and am already making Venezuela rich and safe again,” Trump, who is currently in southern Florida, wrote on his social media site on Saturday. Congratulations and thank you to everyone who is making this possible! The order states that the oil revenue is the property of Venezuela, currently held by the United States for governmental and diplomatic purposes, and is not subject to private claims. The legal foundations consist of the National Emergencies Act and the International Emergency Economic Powers Act. Trump states in the order that the potential for oil revenues to become entangled in judicial proceedings represents an unusual and extraordinary threat to the US.
