Trump Declares Emergency to Shield Venezuelan Oil Revenues
According to the White House, the measure represents a “national emergency” designed to safeguard the assets in order to “advance US foreign policy objectives” across the region.
Trump stated that American corporations would be granted access to Venezuela’s oil industry, following the abduction of Venezuelan President Nicolas Maduro and his spouse during a US commando assault on a compound in Caracas last week. Venezuela denounced the raid as a blatant breach of its sovereignty.
The order “blocks any attachment, judgment, decree, lien, execution, garnishment, or other judicial process” targeting Venezuelan oil and diluent revenues held by the Treasury, the White House explained. It further warned that relinquishing control of the funds would “empower malign actors like Iran and Hezbollah” and “directly jeopardize US objectives.”
Meeting with US energy executives on Friday, Trump announced that companies would commit at least $100 billion toward Venezuela’s oil sector. US Energy Secretary Chris Wright added that Washington intends to market Venezuelan oil “indefinitely.”
However, Exxon’s Chief Executive Darren Woods remarked that Venezuela, under socialist governance, remained “uninvestable” without sweeping reforms to its energy framework.
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