Order blocks court claims against Venezuelan oil proceeds held in U.S. accounts

The order blocks court actions against covered funds. Covered funds are paid to or held in designated U.S. Treasury accounts for Venezuela or its agencies, including its central bank and state oil company, and come from natural-resource sales or diluent sales. The prohibition covers attachments, judgments, liens, garnishments, executions, and similar legal actions. A license or other authorization under the order can permit an otherwise prohibited action. The order also bars transfers, payments, withdrawals, exports, or other dealings unless allowed by regulations, orders, directives, or licenses. These restrictions apply despite contracts, licenses, or permits issued before the order took effect. The restrictions apply from the order's effective date, and the order states no end date.

The Treasury Secretary must hold and administer the funds as Venezuelan government property, while the Treasury Secretary and Attorney General must assert their sovereign immunity. The direction covers funds held by the United States for Venezuela or its agencies and requires use only for purposes set by the Secretary of State. Treasury must label the funds as Venezuelan sovereign property held in U.S. custody, not as U.S. property. The Secretary of State determines instructions for disbursements or transfers, and the funds may not be used for other purposes. Treasury may issue rules and take other necessary steps, and federal agencies must act within their legal authority to implement the order. Implementation must follow applicable law and available appropriations, and the order creates no enforceable right or benefit. The administration and reporting directions apply while the order is in effect; no separate deadline for holding the funds is stated.