WEST PALM BEACH, Fla. – In a strategic move, President Donald Trump has issued a new executive order aimed at safeguarding Venezuelan oil revenues from being diverted to legal claims.
The directive, announced on Saturday, emphasizes that allowing such funds to be claimed in legal disputes could jeopardize the U.S.’s vital objectives to stabilize Venezuela’s economy and political landscape.
This order arrives at a time when industry leaders are voicing concerns about Venezuela’s ongoing turmoil, which could deter private sector investment and hinder recovery efforts.
“Given the current commercial structures in Venezuela, it is not a viable investment,” remarked Darren Woods, CEO of ExxonMobil, America’s leading oil company, during a Friday meeting with Trump and other oil executives.
During the discussions, Trump sought to alleviate the oil companies’ concerns by assuring them that they would have direct dealings with the U.S. government, bypassing Venezuelan authorities.
Venezuela’s history of nationalizing assets, coupled with existing U.S. sanctions and prolonged political instability, adds layers of complexity to the situation.
Getting U.S. oil companies to invest in Venezuela and help rebuild the country’s infrastructure is a top priority of the Trump administration after the dramatic capture of now-deposed leader Nicolás Maduro.
The White House is framing the effort to “run” Venezuela in economic terms, and Trump has seized tankers carrying Venezuelan oil, has said the U.S. is taking over the sales of 30 million to 50 million barrels of previously sanctioned Venezuelan crude, and plans to control sales worldwide indefinitely.
“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 all of those people who are making this possible!!!”
The order says the oil revenue is property of Venezuela that is being held by the United States for “governmental and diplomatic purposes” and not subject to private claims.
Its legal underpinnings are the National Emergencies Act and the International Emergency Economic Powers Act. Trump, in the order, says the possibility that the oil revenues could be caught up in judicial proceedings constitutes an “unusual and extraordinary threat” to the U.S.
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