US President Donald Trump on Saturday signed an executive order declaring a national emergency over Venezuela’s oil revenues. According to the White House, the purpose of this order is to protect Venezuelan oil revenues deposited in US Treasury accounts from any kind of legal seizure, court order or private claims.
According to a White House fact sheet, the order prohibits any attachment, judgment, decree, lien, garnishment, or other judicial process, specifically on those funds. Venezuela have been accumulated in America from the sale of crude oil and its related products. The administration says that this step will strengthen America’s strategy for political and economic stability in Venezuela.
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The White House clarified that these funds are the sovereign property of Venezuela, but are currently kept in US custody so that they can be used for diplomatic and government purposes. Unless there is explicit permission from America, the claim of any private or commercial organization on this money will not be valid.
US launches campaign against ‘narco-terrorism’
This order has come at a time when just a week ago US forces took action in Venezuela and President Nicolas Maduro And his wife was taken into custody. Washington had described it as part of the campaign against drug trafficking and alleged ‘narco-terrorism’. It is worth noting that Venezuela has huge debt from many countries, which are said to include many countries like China, Iran, Russia.
Why did Trump issue the executive order?
The White House says that if courts or creditors are given access to these funds, it will weaken America’s hold and may benefit elements that are against American interests. According to Press Secretary Carolyn Levitt, all proceeds from the sale of Venezuelan oil will first go to US-controlled accounts and will then be used at the discretion of the US government.
President Trump called it a strategic partnership between America and Venezuela and said that this arrangement is beneficial for the people of both the countries. The White House finally said that this decision is a step taken towards stopping illegal immigration, curbing drug trafficking and limiting foreign influence in the region under the ‘America First’ policy.
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