Trump signs order to protect Venezuelan oil revenue in US accounts

An emergency directive signed by President Trump says Venezuelan oil revenues held in U.S. deposit accounts are sovereign property to be used for Venezuela’s stability and are not subject to private claims.

President Trump signed an emergency directive stating that Venezuelan oil revenues held in U.S. foreign government deposit accounts should be used in Venezuela to promote peace, prosperity and stability. The order declares the funds are the sovereign property of Venezuela and says they are held in U.S. custody for governmental and diplomatic purposes and not subject to private claims. The directive was issued less than a week after U.S. forces captured Venezuelan leader Nicolas Maduro, and it was signed the same day Mr. Trump met with oil industry executives in Washington. Key points: - Officials announced the emergency order to keep Venezuelan oil revenues under U.S. custody and to reserve the funds for governmental and diplomatic purposes in Venezuela. - The order states the money is sovereign Venezuelan property and not available to private claimants, according to the White House fact sheet. - Next procedural step: Undetermined at this time. Summary: The order aims to prevent seizure of Venezuelan oil revenue by private parties and to support U.S. efforts described as promoting economic and political stability in Venezuela. Undetermined at this time.