Trump signs executive order to protect money brought in from Venezuelan oil

WASHINGTON (TNND) — President Donald Trump signed an executive order declaring a national emergency to safeguard Venezuelan oil revenue held in U.S. Treasury accounts, with a goal to protect it from being used in judicial proceedings.

The White House said the measure ensures that the funds “are preserved to advance U.S. foreign policy objectives.”

The order, which was made public on Saturday, noted that if the funds were to be seized for such use, it could “undermine critical U.S. efforts to ensure economic and political stability in Venezuela.”

“I love the Venezuelan people, and am already making Venezuela rich and safe again,”{a href=”{>}” target=”_blank” title=”{>}”} Trump wrote on Truth Social. “Congratulations and thank you to all of those people who are making this possible!!!”

The order comes amid caution from top oil company executives, who said the tumult and instability in Venezuela could make the country less attractive for private investment and rebuilding.

“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable,” Darren Woods, who is the CEO of ExxonMobil, which is the largest U.S. oil company, said during a meeting convened by Trump with oil executives on Friday.

Trump and members of his Cabinet met with Woods, as well as nearly two dozen representatives from the “largest oil companies in the world” at the White House to discuss plans for revitalizing Venezuela’s oil production and making investments in the country.

“Yesterday, 30 million barrels of oil was given to us by Venezuela,” Trump said to start the meeting, adding that the oil is on the way to the U.S.

“That’s a lot of oil. It’s about $4 billion worth of oil,” he said.

The announcement comes a few days after Trump said Venezuela was set to deliver upwards of 50 million barrels of “high-quality” oil to the U.S.

Trump previously said the oil will be sold at its market price, also noting that the “money will be controlled by me, as President of the United States of America,” to ensure it is used to benefit the people of Venezuela and the U.S.

The news also comes following the U.S.’s capture of former President Nicolas Maduro in a surprise nighttime raid on January 3.

The White House said the order prohibits transfers or dealings in the funds except as authorized, superseding any prior orders that might block or regulate them.

“By safeguarding these oil revenues, President Trump is promoting stability in Venezuela while advancing America First objectives: stopping illegal immigration, blocking deadly narcotics, and countering malign foreign influence,” according to the White House.

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EDITOR’S NOTE: The Associated Press contributed to this report.