In a significant escalation of US policy toward Venezuela, President Donald Trump issued an executive order on Friday declaring a national emergency to protect Venezuelan oil revenues held in United States Treasury accounts. The White House announced this unprecedented measure aims to shield these funds from legal claims and judicial processes, ensuring they serve American foreign policy objectives rather than private creditors.
The executive order specifically blocks all forms of judicial action—including attachments, judgments, liens, executions, and garnishments—against what are termed Foreign Government Deposit Funds. These assets comprise revenues generated from Venezuelan oil and diluent sales currently held within US Treasury accounts. The order further prohibits any transfers or dealings involving these funds unless explicitly authorized, effectively overriding any previous executive orders that might have restricted or regulated them.
According to the presidential declaration, the potential seizure of these assets through legal channels represents “an unusual and extraordinary threat to the national security and foreign policy of the United States,” originating primarily from outside the country. The White House emphasized that these funds constitute sovereign property of Venezuela maintained in US custody strictly for governmental and diplomatic purposes, explicitly excluding them from private claims.
The administration clarified that the United States government will maintain these funds “solely in a custodial and governmental capacity, and not as a market participant,” with no intention of utilizing them for commercial activities within the country. This development follows recent statements by US Energy Secretary Chris Wright indicating that the United States plans to not only market Venezuela’s stored oil but also indefinitely control sales of the country’s oil output, signaling a prolonged American oversight of Venezuela’s primary economic resource.