Executive Order
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Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People
AI Summary:
This regulation, Executive Order 14373, declares a national emergency to protect Venezuelan oil revenue held by the United States Government, referred to as "Foreign Government Deposit Funds." These funds are defined as money paid to or held by the U.S. government in Treasury accounts on behalf of Venezuela or its entities, derived from the sale of natural resources or diluents. The order prohibits any attachment, judgment, or other judicial process against these funds, deeming them null and void, and restricts their transfer or withdrawal except as authorized by specific regulations or licenses. The Executive Order asserts that these funds are sovereign property of Venezuela, held by the U.S. in a custodial capacity for public, governmental, or diplomatic purposes, and that any attempt to seize them would harm U.S. national security and foreign policy by interfering with efforts to achieve economic and political stability in Venezuela, combat illegal immigration and narcotics, and protect American interests. The Secretary of the Treasury is authorized to administer these funds in consultation with other relevant officials and to assert the sovereign immunity of the funds in legal proceedings.