According to the White House, the purpose of the presidential order, which Trump signed on Saturday, is to preserve the funds to "advance American foreign policy objectives."
"The order confirms that the funds are the sovereign property of Venezuela held in U.S. custody for government and diplomatic purposes; they are not subject to private claims," the White House said on its website.
Trump said earlier this week that Venezuela will initially hand over between 30 and 50 million barrels of high-quality oil to the United States and that the proceeds will go to the people of Venezuela and the United States.
