Trump Declares National Emergency to Shield Venezuelan Oil Revenues Held in US Custody

President Donald Trump signed an executive order on Jan. 9 declaring a national emergency to block courts or private creditors from seizing Venezuelan oil revenues held in U.S. Treasury accounts, saying that any legal loss of control over the funds would threaten U.S. national security and foreign policy objectives. The order, titled “Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People,” establishes a legal firewall around proceeds derived from Venezuelan oil sales that are deposited in designated Treasury accounts, known as the Foreign Government Deposit Funds. “The preservation of the Foreign Government Deposit Funds is of the utmost importance to the United States,” Trump wrote, declaring that the risk of judicial attachment constitutes an “unusual and extraordinary threat” to U.S. national security....