Trump signs order declaring national emergency to 'safeguard Venezuelan oil revenue': White House

NEW YORK -- US President Donald Trump on Friday signed an executive order declaring a national emergency to "safeguard Venezuelan oil revenue held in US Treasury accounts from attachment or judicial process," ensuring the funds are preserved "to advance US foreign policy objectives," according to a release by the White House.

The executive order blocks any attachment, judgment, decree, lien, execution, garnishment, or other judicial process against Foreign Government Deposit Funds, which are defined as the Venezuelan oil revenues and diluent sales held in US Treasury accounts, according to the White House fact sheet.

The order also prohibits transfers or dealings in these funds except as authorized, superseding any prior executive orders that might block or regulate them.

"The possibility of attachment or the imposition of judicial process against the Foreign Government Deposit Funds constitutes an unusual and extraordinary threat to the national security and foreign policy of the United States, which has its source in whole or substantial part outside the United States," said the order.

The Foreign Government Deposit Funds are sovereign property of Venezuela held in US custody for governmental and diplomatic purposes, not subject to private claims, according to the White House.

"The United States Government will hold the Foreign Government Deposit Funds solely in a custodial and governmental capacity, and not as a market participant," said the order.

The funds have not been, and shall not be, used for any commercial activity in the United States, added the order.

US Energy Secretary Chris Wright said Wednesday that the United States will not only market stored oil in Venezuela but also control the sales of oil output from the country indefinitely.