Trump Shields Venezuelan Oil Funds in US from Seizure: A Key Move in US-Maduro Standoff

In a significant move aimed at advancing US foreign policy objectives, President Donald Trump has signed an executive order to protect Venezuelan oil funds held in US accounts. The order, signed on Friday, comes as the US seeks to remove Venezuelan leader Nicolas Maduro from power. Trump views Venezuela's vast oil reserves as a key component in his efforts to lower US domestic fuel prices. The move follows a meeting in Washington where Trump urged senior oil executives to invest in Venezuela, but their response was cautious, with ExxonMobil's CEO calling the country 'uninvestable' without sweeping reforms. The US has imposed sanctions on Venezuela since 2019, and the country holds around a fifth of the world's oil reserves. The executive order declares a national emergency to safeguard Venezuelan oil revenue from attachment or judicial process, effectively placing those revenues under special protection to prevent seizure by courts or creditors. This measure is seen as necessary for US national security and foreign policy. The administration claims it will prevent the seizure of Venezuelan oil revenue that could undermine critical US efforts to ensure economic and political stability in Venezuela. The move comes a week after US forces seized Maduro in a nighttime operation in Caracas, which killed dozens of Venezuelan and Cuban security personnel. The US continues to push for a transition of power in Venezuela, and Trump's executive order marks a key step in this effort. Chevron is the only US firm currently licensed to operate in the country, and the executive order may pave the way for other US companies to re-enter the market.