Under siege

Author: | Published: 17 Oct 2018

Earlier this month IFLR covered one of the events in Venezuela's economic debacle that saw US energy company ConocoPhillips sign an agreement with state-owned oil and gas company PdVSA to recover $2 billion due for failing to uphold its contractual commitments in 2007.

The groundbreaking decision may well send a signal to other creditors that Venezuela is vulnerable to the enforcement of international arbitration court judgments, which in turn may prompt other claimants to recover existing debt.

This may be the tip of the iceberg. For a country that makes nearly all of its export revenue from oil sales, the...