Trump declares national emergency to protect Venezuelan oil revenues
Kyiv • UNN
U.S. President Donald Trump has declared a national emergency to protect Venezuelan oil revenues from seizure by private creditors. These funds are critical to U.S. national security and regional stability.
US President Donald Trump has declared a national emergency to protect Venezuelan oil revenues held by the US government from confiscation by private creditors, calling them critical to US national security and regional stability, UNN reports with reference to Axios.
Details
Control over Venezuelan oil — approximately $2.5 billion — is now a cornerstone of the White House's Western Hemisphere strategy and an opportunity for American companies after Nicolás Maduro's takeover.
US oil giants did not commit to quickly investing in the South American country during a meeting with Trump on Friday, but senior officials previously told Axios that the US plans to manage sales and revenues from Venezuelan oil "indefinitely."
In a recent executive order signed late Friday, Trump stated that losing control of Venezuelan oil revenues "would significantly harm the national security and foreign policy of the United States," undermining efforts to stabilize Venezuela.
The White House links this stability to "stopping the dangerous influx of illegal immigrants and the flow of illicit drugs" and to countering "malign actors such as Iran and Hezbollah."
The order defines "foreign government deposit funds" as funds of the Venezuelan government in specially designated Treasury accounts, derived from the sale of natural resources or diluents.
Any "attachment, judgment, decree, lien, execution, garnishment, or other judicial process" against these funds "is prohibited and deemed invalid" unless specifically licensed, Trump said in the order.
The US President said on Saturday on Truth Social, though without providing details: "I love the Venezuelan people and am already making Venezuela rich and safe again."