Judge Confirms $8.5B Award Against Venezuela Despite Pending Annulment Application

Mealey's (September 8, 2022, 2:12 PM EDT) -- WASHINGTON, D.C. — A District of Columbia federal judge on Aug. 19 granted three Dutch companies’ motion for default judgment and confirmed an International Centre for Settlement of Investment Disputes (ICSID) arbitral award worth more than $8.5 billion against the Bolivarian Republic of Venezuela for expropriation of offshore oil project investments, despite Venezuela pursuing annulment of the award before ICSID....

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