Trump blocks courts from seizing Venezuelan Oil Revenue in US Accounts

The White House announced on Saturday that U.S. president Donald Trump had signed an executive order to prevent?courts and creditors from impounding revenues tied to the sale of Venezuelan oil in U.S. Treasury accounts.

The order stated that the money held in foreign government deposits should be used to create "peace and prosperity" in Venezuela. The emergency order was signed Friday, a little more than a week after U.S. troops captured Venezuelan President Nicolas Maduro at Caracas. Many companies have had long-standing claims against Venezuela. Exxon Mobil, ConocoPhillips and other companies, such as ConocoPhillips left Venezuela after their assets had been nationalized, nearly 20 years ago. Both companies are still owed billions of dollars.

The order does mention a specific?company. The order declares that Venezuelan sovereign property is held by the U.S. for diplomatic and governmental purposes, and not private claims.

The White House released a factsheet that stated, "President Trump prevents the seizure by the United States of Venezuelan oil revenues which could undermine the critical U.S. effort to ensure economic and political stability in Venezuela."

The U.S. would agree to provide Venezuelan oil to the U.S. where many refineries are specialized to refine it.

Trump cited both the 1976?National Emergencies Act and the 1977 International Emergency Economic Powers Act as legal justifications. Trump signed?the?order the same day he held a meeting in Washington with Exxon, Conoco and?Chevron executives to encourage them invest $100 billion into Venezuela's oil sector. (Reporting from Ernest Scheyder and Ryan Patrick Jones, both in Houston; editing by Rod Nickel & Sergio Non).

(source: Reuters)