Trump declares national emergency to shield Venezuelan oil revenues held in U.S. custody

President Trump signed an executive order declaring a national emergency to block courts and private creditors from seizing Venezuelan oil revenues held in designated U.S. Treasury accounts. The order places proceeds from Venezuelan oil sales into a legal firewall in the Foreign Government Deposit Funds, the administration said it was needed for U.S. national security and foreign policy.

President Donald Trump signed an executive order on Jan. 9 declaring a national emergency to prevent courts and private creditors from seizing Venezuelan oil revenues held in U.S. Treasury accounts. The administration framed the action as necessary to protect U.S. national security and foreign policy objectives. The order is titled "Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People." It creates a legal barrier around funds the Treasury holds from Venezuelan oil sales. Key facts: - The president signed the executive order on Jan. 9 declaring a national emergency to block legal claims on the funds. - The order is titled "Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People." - It places proceeds from Venezuelan oil sales into designated Treasury accounts known as the Foreign Government Deposit Funds and establishes protections around those deposits. - The administration said any loss of control over the funds would threaten U.S. national security and foreign policy objectives. Summary: The order is intended to keep U.S.-held Venezuelan oil revenues beyond the reach of courts and private creditors and to preserve those funds for stated U.S. national security and foreign policy purposes. Undetermined at this time.