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Venezuela's denunciation of the ICSID Convention and its impact on jurisdiction and investor claims
ExxonMobil and ConocoPhillips are the highest-profile foreign claimants that have pursued treaty-based ICSID or bilateral‑treaty claims against Venezuela, and more recent filings by companies such as ...
Venezuela’s 24 January 2012 notice of denunciation of the ICSID Convention (effective 25 July 2012) produced a legal split: it did not wipe out ICSID’s power to decide or award in cases already regist...
An array of international arbitral tribunals — principally panels at the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) and various commercial tribunals — have issued ...
Since 2019 the U.S. judiciary has consistently treated sovereign‑immunity defenses to enforcement of ICSID awards against Venezuela as a matter governed by the Foreign Sovereign Immunities Act (FSIA) ...
Since the 2019 ICSID award to ConocoPhillips and earlier awards to ExxonMobil, both oil majors have pursued a multi‑jurisdictional enforcement strategy that mixes recognition and registration of ICSID...
Venezuela routinely relied on domestic statutory schemes and post-taking valuations that fell short of international “market value” standards, prompting multiple arbitration tribunals to re-calculate ...
Venezuela's 2012 denunciation of the ICSID Convention set in motion a selective retreat from investor‑state arbitration and a cautious renegotiation of dispute resolution clauses in its bilateral inve...
Investors responded to Venezuela’s 2012 denunciation of the ICSID Convention by shifting to alternative fora and procedural routes—filing under the ICSID Additional Facility Rules or initiating ad hoc...
Venezuela’s denunciation of the ICSID Convention takes legal effect six months after notice and therefore primarily shapes jurisdiction through the timing of state consent: ICSID jurisdiction remains ...