The White House announced on Saturday that President Donald Trump has signed an executive order aimed at preventing courts or creditors from seizing revenues from the sale of Venezuelan oil deposited in U.S. Treasury accounts. The order stipulates that these revenues, deposited in foreign government deposit accounts, must be used in Venezuela to contribute to achieving 'peace, prosperity, and stability.' The White House added in a statement: 'President Trump prevents the seizure of Venezuelan oil revenues, which could undermine the vital efforts the United States is making to ensure economic and political stability in Venezuela.' Under an agreement reached by Washington with Venezuela's interim leaders, the United States is to be supplied with up to 50 million barrels of crude oil. For example, ExxonMobil and ConocoPhillips exited Venezuela about 20 years ago after the nationalization of their assets, and each still demands billions in compensation. The executive order does not name any company, stating that the funds are the sovereign property of Venezuela, held in the United States for governmental and diplomatic purposes and not subject to any private claims. Trump signed the order yesterday, Friday, just days after U.S. forces removed Venezuelan President Nicolás Maduro from the country. Several companies are claiming long-standing financial rights against the state.
