Default Entered Against Venezuela In Action To Confirm $8.5B Award

Mealey's (October 4, 2021, 1:53 PM EDT) -- WASHINGTON, D.C. — A District of Columbia federal court on Oct. 1 entered a clerk’s certificate of default against the Bolivarian Republic of Venezuela in an American oil company’s Dutch subsidiaries’ action to confirm an $8.5 billion International Centre for Settlement of Investment Disputes (ICSID) award, after the subsidiaries on Sept. 30 informed the court that ICSID lifted a stay on enforcement of the award while Venezuela’s annulment application is pending....