The Interplay Between State Consent to ICSID Arbitration and Denunciation of the ICSID Convention: The (Possible) Venezuela Case Study
Article from: TDM 5 (2007), in Venezuela: The battle of Contract Sanctity vs. Resource Sovereignty (Special)
Introduction
Bolivia, Cuba, Nicaragua, and Venezuela recently declared their intention to withdraw from the World Bank and IMF. Of these ALBA countries, all except Cuba have ratified the ICSID Convention and been parties to arbitrations under the auspices of the World Bank’s International Centre for the Settlement of Investment Disputes (ICSID). On May 2, 2007, Bolivia, following through on its promise, became the first country ever to denounce the ICSID Convention. Venezuela subsequently affirmed that it too intends to denounce the ICSID Convention. The statements by Venezuela are of ...