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Dadparvar
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President Trump issued an executive order Saturday to prevent judicial processes from being instituted against Venezuelan oil funds held in the US on the basis that it would “materially harm the national security and foreign policy of the United States.”
The order stated that any judicial proceedings against funds from “the sale of natural resources” from the Venezuelan government would inhibit efforts to “ensure economic and political stability” in the country. It added that they would interfere with numerous foreign policy objectives, such as ending irregular migration, cracking down on the influx of narcotics, and protecting against foreign actors like Iran and Hezbollah. It described potential judicial processes as an “unusual and extraordinary threat” and declared a national emergency.
There are three legal bases for the order, including the International Emergency Economic Powers Act, which gives the president a broad range of economic powers in national emergencies; the National Emergencies Act, which allows the president to declare national emergencies; and Section 301 of Title 3 of the U.S. Code, which allows the president to delegate powers.
This order follows statements from Trump that US oil companies will invest billions into Venezuela. The president called a meeting on Friday with oil executives to discuss rebuilding the country’s oil infrastructure, saying that 30 million barrels of oil, worth $4 billion, are currently on their way to the US. The CEO of ExxonMobil, Darren Woods, expressed concern about the historical seizure of the company’s assets and stated that Venezuela’s legal and commercial frameworks make it currently “un-investable.”
Earlier this month, Venezuelan President Nicolás Maduro and his wife were captured and transferred to the US. Maduro pleaded “not guilty” to charges of narco-terrorism conspiracy and cocaine importation conspiracy in the US District Court for the Southern District of New York on January 5. Maduro’s vice president, Delcy Rodríguez, is serving as Venezuela’s interim president.
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The order stated that any judicial proceedings against funds from “the sale of natural resources” from the Venezuelan government would inhibit efforts to “ensure economic and political stability” in the country. It added that they would interfere with numerous foreign policy objectives, such as ending irregular migration, cracking down on the influx of narcotics, and protecting against foreign actors like Iran and Hezbollah. It described potential judicial processes as an “unusual and extraordinary threat” and declared a national emergency.
There are three legal bases for the order, including the International Emergency Economic Powers Act, which gives the president a broad range of economic powers in national emergencies; the National Emergencies Act, which allows the president to declare national emergencies; and Section 301 of Title 3 of the U.S. Code, which allows the president to delegate powers.
This order follows statements from Trump that US oil companies will invest billions into Venezuela. The president called a meeting on Friday with oil executives to discuss rebuilding the country’s oil infrastructure, saying that 30 million barrels of oil, worth $4 billion, are currently on their way to the US. The CEO of ExxonMobil, Darren Woods, expressed concern about the historical seizure of the company’s assets and stated that Venezuela’s legal and commercial frameworks make it currently “un-investable.”
Earlier this month, Venezuelan President Nicolás Maduro and his wife were captured and transferred to the US. Maduro pleaded “not guilty” to charges of narco-terrorism conspiracy and cocaine importation conspiracy in the US District Court for the Southern District of New York on January 5. Maduro’s vice president, Delcy Rodríguez, is serving as Venezuela’s interim president.
The post Trump blocks judicial processes against Venezuelan oil revenue appeared first on JURIST - News.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.