403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Trump blocks courts, creditors from claiming Venezuelan oil revenue
(MENAFN) US President Donald Trump has issued an executive order preventing courts and creditors from claiming Venezuelan oil revenue held in US Treasury accounts. The move was declared a “national emergency” aimed at safeguarding the funds to further US foreign policy goals in the region.
Trump stated that American companies would gain access to Venezuela’s oil production following a recent military operation in which President Nicolas Maduro and his wife were captured. Venezuela condemned the raid, calling it a serious violation of its sovereignty.
The order prohibits any legal claims, liens, or other judicial actions against the Venezuelan oil and diluent revenue maintained by the Treasury. Officials said losing control of these funds could empower groups such as Iran and Hezbollah and endanger US objectives in the region.
Trump, meeting with US oil executives, indicated that companies are expected to invest billions into Venezuelan oil operations. Meanwhile, US energy officials said plans are in place to continue selling Venezuelan oil for the foreseeable future. Some industry leaders, however, warned that investing in Venezuela remains highly risky without major reforms to its energy sector.
The issue is rooted in long-standing disputes, as US companies lost assets following nationalization of the oil industry during Hugo Chavez’s presidency. Trump cited these past losses as part of the justification for the operation against Maduro.
Trump stated that American companies would gain access to Venezuela’s oil production following a recent military operation in which President Nicolas Maduro and his wife were captured. Venezuela condemned the raid, calling it a serious violation of its sovereignty.
The order prohibits any legal claims, liens, or other judicial actions against the Venezuelan oil and diluent revenue maintained by the Treasury. Officials said losing control of these funds could empower groups such as Iran and Hezbollah and endanger US objectives in the region.
Trump, meeting with US oil executives, indicated that companies are expected to invest billions into Venezuelan oil operations. Meanwhile, US energy officials said plans are in place to continue selling Venezuelan oil for the foreseeable future. Some industry leaders, however, warned that investing in Venezuela remains highly risky without major reforms to its energy sector.
The issue is rooted in long-standing disputes, as US companies lost assets following nationalization of the oil industry during Hugo Chavez’s presidency. Trump cited these past losses as part of the justification for the operation against Maduro.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment