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ICSID Committee lifts stay of enforcement in ConocoPhillips v Venezuela

Photo by engin akyurt / Unsplash

Recognising the sufficiency of the award creditors’ assurances, and the good reputation of the entity with which segregated bank accounts had been opened, the ICSID Committee lifted the stay of enforcement in favour of the ConocoPhillips entities – despite Venezuela’s concerns regarding restrictions imposed by the United Kingdom on its ability to recover the funds and longstanding controversy regarding the standing of Venezuela's legal representatives.

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