Abstract

The expropriation policies carried out by the Government of Hugo Chávez between 2002 and 2012 resulted in dozens of arbitration awards, potentially totaling around USD 18 billion dollars - only a fraction of the overall external debt, estimated at USD 140 billion. To enforce some of these awards, creditors have submitted claims to seize the primary external asset of the Venezuelan national oil company: Citgo, a U.S. refinery. In 2019, two U.S. policies aimed to impede the enforcement of these awards: (i) recognizing the speaker of the National Assembly as interim president and ...