President Donald Trump’s new executive order on revenue aims to ensure the funds remain shielded from use in judicial proceedings.
The executive order, released on Saturday, states that seizing the funds for such purposes could “undermine critical U.S. efforts to ensure economic and political stability in Venezuela.”
The order comes as top oil company executives caution that 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,” said Darren Woods, CEO of , the largest U.S. oil company, during with oil executives on Friday.
During the session, Trump attempted to ease the oil companies’ concerns, saying the executives would deal directly with the U.S. rather than the Venezuelan government.
Venezuela has a history of state asset seizures, ongoing U.S. sanctions and decades of political uncertainty.
Securing investment from U.S. oil companies to help rebuild Venezuela’s infrastructure is a top priority for the Trump administration following the dramatic capture of now-deposed leader Nicolás Maduro.
The White House is framing the effort to “run” Venezuela in economic terms, and Trump has seized tankers carrying Venezuelan oil, has said the U.S. is taking over sales of 30 million to 50 million barrels of previously sanctioned Venezuelan crude, and plans to control sales worldwide indefinitely.
“I love the Venezuelan people, and am already making Venezuela rich and safe again,” wrote Trump, who is currently in southern Florida, on his social media site on Saturday. “Congratulations and thank you to all of those people who are making this possible!!!”
The order says the oil revenue is Venezuelan property being held by the United States for “governmental and diplomatic purposes” and is not subject to private claims.
Its legal underpinnings are the National Emergencies Act and the International Emergency Economic Powers Act. Trump says in the order that the possibility of oil revenues becoming entangled in judicial proceedings constitutes an “unusual and extraordinary threat” to the U.S.