From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.
Read more
President Donald Trump has signed an executive order to block courts or creditors from impounding revenue from Venezuelan oil sales, held in U.S. Treasury accounts, the White House announced on Saturday.
The emergency directive, issued on Friday, states these funds, held in foreign government deposit accounts, should be used in Venezuela to help create “peace, prosperity and stability.” This move follows the capture of Venezuelan leader Nicolas Maduro by U.S. forces in Caracas less than a week prior.
Several companies, including Exxon Mobil and ConocoPhillips, hold longstanding claims against the country. Both left Venezuela nearly 20 years ago after their assets were nationalized, and are still owed billions of dollars.
The order does not mention any specific company. It declares that the money is the sovereign property of Venezuela, held in U.S. custody for governmental and diplomatic purposes, and is not subject to private claims.
A U.S. agreement with Venezuela’s interim leaders would provide up to 50 million barrels of crude oil to the U.S., where numerous refineries are specially equipped to refine it. (AP Photo/Edgar Frias)
“President Trump is preventing the seizure of Venezuelan oil revenue that could undermine critical U.S. efforts to ensure economic and political stability in Venezuela,” the White House said in a fact sheet.
A U.S. agreement with Venezuela’s interim leaders would provide up to 50 million barrels of crude oil to the U.S., where numerous refineries are specially equipped to refine it.
Trump cited the 1977 International Emergency Economic Powers Act and the 1976 National Emergencies Act as a legal justification.
Trump signed the order the same day he met in Washington with executives from Exxon, Conoco, Chevron CVX.N and other oil companies as part of a bid to encourage them to invest $100 billion in Venezuela’s oil industry.