U.S. President Donald Trump. [Yonhap News]

The U.S. Trump administration has prevented third parties from accessing funds obtained from Venezuela's oil sales, to ensure those funds are used for purposes designated by the U.S.

The White House announced on the 10th (local time) that President Trump signed an executive order declaring a national emergency to protect revenue from Venezuelan oil deposited in U.S. Treasury accounts from seizure or legal proceedings.

This executive order stipulates that money received from U.S. sales of Venezuelan oil will be protected from seizure, court orders, or the exercise of liens, and all fund disbursements must be made with the approval of the U.S. government.

The U.S. had previously stated on the 3rd that following an attack on Venezuela and the arrest of President Nicolas Maduro, the U.S. had reached an agreement with the Venezuelan government to control Venezuela's future oil sales.

Accordingly, the U.S. plans to receive oil that Venezuela cannot sell due to sanctions, sell it on the international market, and then hold the proceeds in Treasury accounts for use for the benefit of the American and Venezuelan people.

The White House stated, "This executive order confirms that the funds are Venezuelan state property managed by the United States for governance and diplomatic purposes and are not subject to private claims."

The executive order specifies that the U.S. will not own these funds but will manage them, and the U.S. Secretary of State will determine the purpose of the funds' use on behalf of the Venezuelan government.