President Donald Trump signed an executive order using his emergency powers to prevent creditors from having legal claims on Venezuelan oil revenue held in U.S. Treasury accounts, the White House said on Saturday.
The directive came as Trump wrapped up a meeting with top executives of more than 20 U.S. energy companies on Friday, nearly a week after the U.S., in a dramatic pre-dawn operation, captured Venezuelan leader Nicolas Maduro in Caracas.
Exxon Mobil (XOM), Chevron (CVX), and ConocoPhillips (COP) were among the notable attendees at the event.
The directive, based on the 1977 International Emergency Economic Powers Act and the 1976 National Emergencies Act, says that “the Foreign Government Deposit Funds constitute property of the Government of Venezuela and do not constitute the property of any private party.”
A White House Fact Sheet read, “President Trump is preventing the seizure of Venezuelan oil revenue that could undermine critical U.S. efforts to ensure economic and political stability in Venezuela.”
Energy: Natural gas (NG1:COM), Nymex crude (CL1:COM), Brent crude (CO1:COM)
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