U.S. President Donald Trump has signed an executive order declaring a national emergency to protect Venezuelan oil revenue held in U.S. Treasury accounts from seizure by courts or creditors, the White House said on Saturday.
The order, signed on Friday, safeguards funds derived from the sale of Venezuelan oil — described as “Foreign Government Deposit Funds” — by blocking any attachment, judgment, lien, execution, garnishment, or other judicial process against them. The order also prohibits unauthorized transfers or dealings, affirming that the money remains the sovereign property of Venezuela held in U.S. custody.
According to the White House, the move is intended to advance U.S. foreign policy objectives and prevent these revenues from being seized in ways that could undermine efforts to promote economic and political stability in Venezuela.
The executive order comes less than a week after U.S. forces captured Venezuelan President Nicolás Maduro and his wife in an overnight operation in Caracas, an action Washington said is part of a broader strategy to address narcotics trafficking and political instability linked to the previous regime.
On the same day as signing the order, Trump met with top executives from major U.S. oil companies, urging them to invest in Venezuela’s oil sector. While some industry leaders expressed caution, citing the need for sweeping reforms, the president highlighted Venezuela’s vast oil reserves as a strategic opportunity for U.S. energy interests.
ExxonMobil and ConocoPhillips had exited Venezuela in 2007 after refusing demands by then-President Hugo Chavez to cede majority control to the state, while Chevron remains the only U.S. firm currently licensed to operate in the country.
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The White House said the order is necessary to safeguard U.S. national security and foreign policy interests while protecting Venezuelan oil revenues from judicial or creditor claims.
Venezuela, sanctioned by Washington since 2019, holds about a fifth of the world’s oil reserves but produced only around one percent of global output in 2024 due to years of underinvestment and sanctions.
This executive order is part of the Trump administration’s ongoing effort to secure U.S. strategic and economic interests in the region while stabilizing Venezuela’s critical oil sector.