President Donald Trump has signed an executive order preventing Venezuelan oil revenues held by the United States, from being used in judicial proceedings, arguing that court action could threaten U.S. policy objectives in Venezuela.
The order, published on Saturday (10 January), said the seizure of the funds could "undermine critical U.S. efforts to ensure economic and political stability in Venezuela".
It states that the revenues are Venezuelan property being held by the United States for "governmental and diplomatic purposes" and are not subject to private claims.
The move comes as the Trump administration seeks to encourage U.S. oil companies to invest in Venezuela following the capture and removal of former leader Nicolás Maduro on 3 January, making energy investment central to its plans for rebuilding the country.
Trump has urged American firms to commit large-scale funding to revive Venezuela’s oil sector, saying production capacity and infrastructure would require at least "$100 billion" in investment.
He has argued that a recovery in output would increase global supply and help lower energy prices in the United States.
"The plan is for them to spend at least $100 billion to rebuild the capacity and the infrastructure," Trump said.
Senior oil executives warned, however, that Venezuela remains too unstable for long-term private investment.
"If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable," said Darren Woods, chief executive of ExxonMobil, during a meeting with Trump on Friday.
Trump sought to reassure industry leaders during the session, telling them they would deal directly with the U.S. government rather than Venezuelan authorities.
Venezuela has a long history of state asset seizures, sweeping U.S. sanctions and prolonged political uncertainty, all of which have deterred foreign investors.
The White House has framed its approach as an economic intervention.
Trump has ordered the seizure of tankers carrying Venezuelan oil and said the U.S. would take control of sales of between 30 million and 50 million barrels of previously sanctioned crude, with plans to oversee global sales indefinitely.
Some Democratic lawmakers have criticised the approach, arguing that Washington’s control of Venezuelan oil revenues amounts to political leverage rather than economic assistance.
The executive order is based on the National Emergencies Act and the International Emergency Economic Powers Act. It argues that the risk of Venezuelan oil revenues becoming entangled in U.S. court cases constitutes an "unusual and extraordinary threat" to U.S. interests.
Small businesses across Russia are increasingly feeling the impact of tighter internet restrictions, including ...
Taiwan’s President Lai Ching-te has reaffirmed the island’s commitment to sovereignty and regional ...
The global housing crisis has reached what UN officials describe as “staggering” proportions, with nearly...
The 13th Session of the World Urban Forum (WUF13) opened in Baku with ministers, UN officials and urban policy leaders. Participants call for ...
Thousands of displaced families in Gaza are facing growing infestations of rats and insects as worsening sanita...
U.S. passenger air services to Venezuela resumed on Thursday (30 April), as an American Airlines flight landed in Caracas, restoring a commercial link between the two countries after seven years.
A United States Army soldier has been charged with making more than $400,000 by betting on the removal of Venezuelan leader Nicolás Maduro, according to the Department of Justice.
Three months following the U.S. raid that captured socialist President Nicolas Maduro on 3 January, the Venezuelan National Assembly approved a new law on Thursday loosening the state’s grip on mining investments to open the sector for private and foreign companies.
In a major policy reversal, the U.S. Treasury has removed Venezuela’s acting president, Delcy Rodríguez, from its sanctions list, signalling a sharp shift in Washington’s approach to Caracas.
Bulgaria has won the Eurovision Song Contest for the first time, taking victory in a final overshadowed by a boycott over Israel’s participation and the war in Gaza.
At least eight people were injured after a driver rammed a car into pedestrians in the northern Italian city of Modena, authorities said on Saturday. Four of the victims were reported to be in serious condition.
U.S. President Donald Trump said Washington could destroy Iran’s infrastructure “in two days,” while Tehran warned the U.S. would face growing economic costs from the conflict. The remarks came as Hezbollah reported new attacks on Israeli forces despite an extended Lebanon ceasefire.
At least eight people have died and 32 others were injured after a freight train collided with a public bus at a railway crossing in Bangkok on Saturday (16 May), triggering a fire that quickly spread through the vehicle.
U.S. President Donald Trump says China's Xi Jinping agreed Iran must reopen the Strait of Hormuz, as Tehran prepares a new shipping mechanism. Tensions over the U.S. blockade and stalled nuclear talks continue to disrupt global oil supplies.
Small businesses across Russia are increasingly feeling the impact of tighter internet restrictions, including limits on the messaging app Telegram, stricter controls on virtual private networks, and repeated mobile internet outages.
Taiwan’s President Lai Ching-te has reaffirmed the island’s commitment to sovereignty and regional stability following the recent meeting between U.S. President Donald Trump and Chinese leader Xi Jinping.
At least four people have been killed in a major Ukrainian drone attack on Russian territory, including the Moscow region, which authorities say faced its largest aerial assault in more than a year.
China has launched the world’s first experiment to study how artificial human embryos develop in space, marking a major step in understanding whether humans could one day reproduce beyond Earth.
Every day, an elderly woman in China’s Shandong province looks forward to a video call from her son. He asks about her health, tells her he has been busy with work, and promises he will come home once he has saved enough money. She tells him she misses him. He tells her to take care of herself.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment