WASHINGTON, D.C. — President Donald J. Trump on Friday declared a national emergency and moved to place Venezuelan oil revenues under U.S. custodial protection, issuing a far-reaching executive order designed to block courts, creditors, and foreign actors from touching billions of dollars tied to Venezuela’s energy exports.
The order, signed January 9, creates a legal firewall around what the White House calls “Foreign Government Deposit Funds,” defined as Venezuelan oil and diluent sales held in U.S. Treasury accounts on behalf of the Government of Venezuela, its central bank, and state-run oil company Petroleos de Venezuela, S.A. The funds, Trump declared, are sovereign property of Venezuela and cannot be seized, garnished, or transferred without U.S. authorization.
In the order, Trump said any judicial attachment or seizure of those funds would “materially harm the national security and foreign policy of the United States” by undermining efforts to stabilize Venezuela and protect U.S. interests across the Western Hemisphere.
The White House said the move is aimed at preventing Venezuelan oil revenue from falling into the hands of creditors, criminal networks, or hostile foreign powers while Washington pursues a strategy to restore order in Venezuela after the dramatic U.S. military-law-enforcement operation that brought President Nicolás Maduro into U.S. custody last week.
Under the order, all liens, judgments, garnishments, or other court actions against the funds are declared null and void unless specifically licensed by the U.S. government. The Treasury Department is barred from releasing or moving the money except under directives approved by the Secretary of State, in consultation with the Attorney General and Secretary of Energy.
The administration said the funds will be held strictly in a custodial capacity, meaning the United States does not claim ownership and cannot use the money for commercial purposes. Instead, the oil revenue will be preserved for future sovereign and diplomatic use on behalf of Venezuela.
In a fact sheet accompanying the order, the White House framed the move as a core part of Trump’s “America First” strategy in the region, arguing that uncontrolled access to Venezuela’s oil money would fuel illegal immigration, narcotics trafficking, and the influence of groups such as Iran and Hezbollah.
“Allowing attachment of these funds would directly jeopardize 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,” the administration said.
The White House also said the order blocks private lawsuits and foreign claims that could drain the funds before a political transition in Venezuela is completed, protecting what it calls a critical financial lever for restoring stability.
The Treasury Department and the Justice Department are now directed to assert sovereign immunity over the accounts in any court or administrative proceeding and to report regularly to Congress under the National Emergencies Act and the International Emergency Economic Powers Act.
The action comes as Trump escalates pressure on what the administration has described as Venezuela’s “narco-state,” following last week’s U.S. operation to seize Maduro and a series of moves targeting cartels, oil shipping networks, and Venezuelan allies.
With the stroke of a pen, Trump has effectively placed Venezuela’s oil fortune behind a U.S. legal shield — a move that could determine who ultimately controls one of the hemisphere’s most valuable energy prize pools as the country’s political future hangs in the balance.
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