What Happened: Venezuela's partially-recognized interim President Juan Guaido will attempt to annul an $8.7 billion arbitration award to U.S.-based energy company ConocoPhillips in the World Bank's International Center for Settlement for Investment Disputes, Reuters reported April 16.
Why It Matters: The development serves as an attempt by the partially-recognized Guaido government to deflect foreign claims on Venezuelan energy assets. The interim government would likely face frequent attempts by claimants and creditors to seize its assets in lieu of payment.
Background: Foreign creditors and arbitration claimants have been ramping up their efforts to go after Venezuela's assets in recent years, and a potential governmental transition would be unlikely to put an end to this push.
- In Venezuela, the Tide Is Turning on the Opposition (April 17, 2019)
- Venezuela: Maduro Lays the Groundwork for Guaido's Arrest (April 2, 2019)
- A $2 Billion Ruling Adds to Venezuela's Woes (May 14, 2018)