On Friday, January 9th, President Trump signed an executive order declaring a national emergency to protect Venezuela’s oil income stored in the US Treasury accounts from being seized or subjected to legal proceedings.
The President aims to ensure that these funds are preserved and used to advance US diplomatic policy goals. This emergency order states that the income should be used to help Venezuela achieve “peace, prosperity, and stability.”
The order also mentions that court actions against these funds would harm US national security and diplomatic objectives.
In a briefing document, the White House stated, “President Trump is preventing the seizure of Venezuela’s oil income, which could disrupt key US efforts to ensure economic and political stability in Venezuela.”
The executive order declares that these funds are Venezuela’s sovereign property currently held in the US for government and diplomatic purposes and not subject to private claims.
The White House explained that allowing the seizure of these funds would directly jeopardize US objectives, including preventing illegal immigration into the US and combating the scourge of drug trafficking, which has resulted in the deaths of thousands of American citizens. Protecting these funds for sovereign purposes strengthens the US in fulfilling international obligations and supporting broader diplomatic goals.
The order prohibits any unauthorized transfer or transaction of these funds and supersedes any previous orders that might hinder or regulate these funds.
On the same day as signing the executive order, President Trump met with nearly 20 executives from the oil and natural gas industry at the White House to discuss investments in Venezuela’s oil industry. He announced that US energy companies would invest $100 billion to rebuild Venezuela’s “dilapidated” oil infrastructure and increase oil production to historic highs.
The Trump administration reached an agreement with Venezuela’s interim leader to supply the US with up to 50 million barrels of crude oil, which will be processed in numerous dedicated refineries in the US.
On Saturday, January 10th, Trump posted on his social media platform, “Truth Social,” stating, “I love the people of Venezuela and am working to make Venezuela prosperous and secure again. Congratulations and thanks to everyone making this possible!”