Split Panel Affirms $108M Award Against Venezuela Despite Leadership Change

Mealey's ( June 15, 2026, 2:12 PM EDT) -- WASHINGTON, D.C. — A split District of Columbia Circuit U.S. Court of Appeals panel on June 12 affirmed the confirmation of a Permanent Court of Arbitration (PCA) arbitral award against the Bolivarian Republic of Venezuela worth more than $108 million in favor of a Barbadian oil and gas investor, while one judge dissented because the tribunal allowed Venezuela to be represented by President Nicolás Maduro at a time when the United States recognized the country as led by Juan Guaidó....