President Donald Trump signed an executive order on Friday blocking courts and creditors from seizing Venezuelan oil revenue that is currently being held in U.S. Treasury accounts.
The order, titled “Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People,” states that the oil money belongs to the Venezuelan government and is not the “property of any private party,” including major energy companies doing business with Venezuela.
Trump further deemed the possibility of legal action to seize the oil revenue an “unusual and extraordinary” national security threat, saying it would “materially harm the national security and foreign policy” of the United States.” He declared a national emergency in response.
The order comes as Trump is looking to rebuild Venezuela’s energy sector after the U.S. military’s stunning capture of former Venezuelan dictator Nicolas Maduro last weekend.
Part of that effort came on Friday, when Trump met with multiple oil executives at the White House. Those included the CEOs of Chevron, Exxon Mobil, and ConocoPhillips, among others.
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At the meeting, Trump guaranteed security and direct dealings with the U.S. government to the companies if they choose to do business in Venezuela.
While receptive, the oil executives were skeptical of Trump’s timeline, specifically his vow to increase oil production there “almost immediately.”
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