Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People
The order declares a national emergency and immediately prohibits any court-ordered attachments, liens, garnishments, or other judicial process against Venezuelan oil revenue funds held in U.S. Treasury accounts, shielding those funds from private creditors and judgment holders.
It is the first use of IEEPA authority to protect Venezuelan sovereign funds on deposit with the U.S. government, and it directly overrides any prior executive orders that blocked or otherwise affected those same funds.
What this order does
What it orders
The order declares a national emergency on the grounds that judicial attachment of Venezuelan government funds held in U.S. Treasury accounts would harm U.S. national security and foreign policy. It defines those funds — called "Foreign Government Deposit Funds" — as money derived from Venezuelan natural-resource sales or diluent purchases, held in designated Treasury accounts on behalf of Venezuela, its Central Bank, or PDVSA. The order immediately prohibits any attachment, judgment, lien, execution, garnishment, or other judicial process against those funds, and bars any transfer or withdrawal except as authorized by the Secretary of State. It also formally declares the funds to be Venezuelan sovereign property, not the property of the United States or of private creditors.
The Secretary of the Treasury is directed to hold the funds in a custodial capacity, follow disbursement instructions from the Secretary of State, and assert sovereign immunity in any legal proceeding involving the funds. The order supersedes any prior executive order that blocked, regulated, or otherwise affected the same funds, and authorizes Treasury to promulgate rules and regulations using IEEPA powers to implement the order.
Who it affects
Private parties — including companies and individuals holding court judgments against Venezuela or its agencies — who might otherwise seek to collect by attaching these Treasury-held funds. Also directly affected: the Departments of Treasury, State, Justice, and Energy, and Venezuelan governmental entities including the Central Bank of Venezuela and PDVSA.
Why it matters
Creditors and judgment holders who won lawsuits against Venezuela in U.S. courts lose a key collection avenue: they cannot seize or garnish these Treasury-held oil revenues. The funds instead stay under U.S. government custody pending a disposition the Secretary of State will determine, effectively putting Venezuela's oil money out of reach of private claims.
What must happen and when
How the order is supposed to work
The order takes effect immediately upon signing. Treasury designates and holds the funds as Venezuelan sovereign property in named accounts, while State controls any disbursement decisions. Treasury and the Attorney General are jointly directed to assert sovereign immunity in any legal or administrative challenge. Treasury may issue further regulations using IEEPA authorities and may redelegate functions within the department. Recurring and final reports to Congress are required under the NEA and IEEPA reporting obligations, with no fixed filing deadline beyond the statutory cycle those laws impose.
Actions and deadlines
- Designate Foreign Government Deposit Funds in Treasury accounts to clearly reflect their status as Venezuelan sovereign property
- Follow Secretary of State disbursement instructions and prohibit any other use of the funds
- Assert sovereign immunity of the Foreign Government Deposit Funds in any judicial or administrative proceeding
- Submit recurring and final reports to Congress on the declared national emergency
- Promulgate rules and regulations as necessary to implement the order, using IEEPA authorities