US President Donald Trump has signed an executive order protecting US-held money derived from sales of Venezuelan oil, after the ouster of Nicolas Maduro.
US President Donald Trump has issued an executive order shielding Venezuelan oil revenue held in US Treasury accounts from seizure or legal claims, the White House said on Saturday.
The order signed on Friday is intended to prevent those funds from being subjected to “attachment or judicial process,” according to a White House fact sheet. The administration said the move was designed to support Washington’s broader foreign policy objectives related to Venezuela.
STORY CONTINUES BELOW THIS AD
The White House said Trump was acting to block any confiscation of Venezuelan oil earnings that could disrupt US efforts to promote economic and political stability in the South American nation.
More from World
Trump, who has openly stated that access to Venezuela’s vast oil reserves was a central motivation behind Washington’s push to remove former president Nicolás Maduro, said earlier on Friday that he had cancelled a planned second round of military strikes. He cited, in part, the release of political detainees as a factor in the decision. However, the US president has continued to suggest that military force could still be used if his demands are not met.
During a meeting at the White House on Friday, Trump urged senior oil executives to invest in Venezuela’s energy sector. The proposal was received cautiously, with ExxonMobil chief executive Darren Woods reportedly describing the country as “uninvestable” without sweeping reforms.
Trump countered that oil companies had previously operated without proper safeguards under Maduro’s government, but claimed conditions had now changed. “Now you have total security. It’s a whole different Venezuela,” he said.
He also made clear that US companies would engage exclusively with Washington rather than Caracas in developing Venezuela’s oil resources. Trump further said that oil firms had pledged investments totalling around $100 billion, even as Venezuela’s energy infrastructure remains severely degraded after years of poor management and international sanctions.
STORY CONTINUES BELOW THIS AD
The president earlier announced plans for the United States to sell between 30 million and 50 million barrels of Venezuelan crude, with the proceeds to be allocated at his discretion. He also said that any funds ultimately transferred to Venezuela would be used solely to purchase American-made goods.
China’s financial exposure to Venezuela adds another layer of complexity. Estimates suggest Beijing is owed at least $10 billion, much of it repaid under Maduro through oil shipments. Analysts have said an interim Venezuelan government aligned with Washington could challenge the legality of those oil-backed loans