Trump declares national emergency to shield Venezuelan oil funds held in US Treasury

Washington [US], January 10 : US President Donald Trump on Friday (local time) signed an Executive Order declaring a national emergency to protect Venezuelan oil revenue held in US Treasury accounts from legal attachment or judicial seizure, saying the move is aimed at advancing US foreign policy and national security objectives.
According to the White House, the Executive Order blocks any attachment, judgment, lien, execution, garnishment or other judicial process against Venezuelan oil revenues and diluent sales deposited in US Treasury accounts. These funds, termed "Foreign Government Deposit Funds," are to remain frozen unless specifically authorised under the new order.
The order also prohibits any transfer or dealing in the funds and overrides earlier directives that may have regulated or restricted such transfers or dealings. It states that the oil revenues are the sovereign property of Venezuela, held in US custody for governmental and diplomatic purposes, and cannot be claimed by private parties.
The Trump administration said allowing such funds to be seized would undermine US efforts to ensure political and economic stability in Venezuela and threaten broader regional security. It linked the decision to concerns over illegal immigration, narcotics trafficking and the influence of hostile foreign actors.
The White House said loss of control over Venezuelan oil revenue could strengthen groups such as Iran and Hezbollah while weakening efforts to stabilise Venezuela and the wider Western Hemisphere. Protecting the funds, it added, also supports US compliance with international obligations.
"Allowing attachment of these funds would directly jeopardise U.S. objectives, including stemming the influx of illegal aliens and disrupting the flood of illicit narcotics, which has resulted in the death of countless thousands of American citizens. Loss of control over these revenues would empower malign actors like Iran and Hezbollah while weakening efforts to bring peace, prosperity, and stability to the Venezuelan people and to the Western Hemisphere as a whole, " White House said in a statement.
The Executive Order forms part of Trump's broader "America First" approach towards Venezuela. The administration said Trump has taken a hard line against the Maduro regime and criminal networks operating in the region.
On his first day in office, Trump designated eight cartels, including Venezuela-linked Tren de Aragua, as Foreign Terrorist Organisations and Specially Designated Global Terrorists. He has also authorised the use of lethal force against narcoterrorists, ordered a complete blockade of sanctioned oil tankers operating in and out of Venezuela, and demanded an end to drug trafficking, said the White House.
The White House further said the US recently carried out a military operation in support of law enforcement efforts to bring Venezuelan leader Nicolas Maduro to justice, describing it as part of a strategy to restore deterrence in the Western Hemisphere.
Earlier in the day, Trump met with top oil and gas executives at the White House to promote major investments in Venezuela's energy sector, and said that "a lot of money is going to be made".
Addressing reporters earlier, he said, "We just had a great meeting with the oil executives, we sort of formed a deal."They're going to be going in with hundreds of billions of dollars in drilling oil, and it's good for Venezuela, and it's great for the United States," Fox News quoted Trump as saying.
"A lot of money is going to be made. Oil prices will come down, although they are getting down pretty good now without it, and it was a great meeting we had today with the biggest companies anywhere in the world," he said.