ISDS Case Map
Venezuela
Trump said the socialist government “stole” from American oil companies. Those firms have been seeking billions in compensation through a controversial arbitration system.
If the Venezuela experience is any indication, denouncing the ICSID Convention by itself will not provide much satisfaction.
Before Donald Trump’s capture of Nicolás Maduro, corporations filed lawsuits against Venezuela seeking damages tied to state nationalization, international sanctions, and political instability. A Trump-installed government could tilt the courts in their favor.
The US oilfield services company Halliburton quietly filed a suit against Venezuela at the World Bank’s international arbitration court, ICSID.
The protection of the Amazon is a central theme of the COP30 in Belém, Brazil. However, efforts to ensure that the Amazon is defended are at risk of instead being defunded—by investor-state dispute settlement.
A senior Iranian government official says the draft document for a free trade deal between Iran and Venezuela will be finalized within the next two days.
US oil giant ConocoPhillips has been permitted to register an over US$10 billion arbitration award against Venezuela in Trinidad and Tobago for the expropriation of its oil assets by the South American country nearly two decades ago.
The arbitration arises from Venezuela's measures that deprived GR Mining of its rights to, and materially damaged its investment in, the multi-billion-dollar Siembra Minera mining project located in Venezuela.
On February 20, 2025, the Lisbon Court of Appeal issued an Order granting Gold Reserve’s application to confirm the award in Portugal.
The US oil giant has launched multiple efforts to collect international arbitration awards against the Caribbean nation.
