Honduras Denounces the ICSID Convention

Honduras Denounces the ICSID Convention On February 24, 2024, the Republic of Honduras (“Honduras”) sent a written notice to the World Bank denouncing the ICSID Convention.  Honduras’s decision follows its threat on May 31, 2023 to withdraw from the ICSID Convention due to alleged procedural mismanagement by ICSID in the of the multi-billion Honduras Próspera … Read more

Guyana-Venezuela boundary dispute: Maduro Administration announces resource exploitation measures

The longstanding boundary dispute between Guyana and Venezuela saw significant escalation at the end of 2023. The dispute concerns Guyanese-controlled territory to the west of the Essequibo River, referred to as the Essequibo region by Guyana, and as Essequiba by Venezuela (the “Disputed Territory“). Following a 3 December 2023 referendum organised by the administration of … Read more

Argentina’s next political chapter: new President and a potential radical economic reform

On November 19, 2023, right-wing candidate Javier Milei was elected the new President of Argentina, defeating the current Economy Minister Sergio Massa with a record-breaking win of more votes than any other Argentinian president since 1983.  This is a significant development for the country, as Milei’s political platform consisted of proposals (the “Political Action Plan”) … Read more

OFAC issues new Venezuela general licenses in response to electoral roadmap

On October 18, 2023, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued multiple general licenses that suspend some sanctions, including those relating to oil and gas transactions with Venezuela’s state-owned oil company, Petroleos de Venezuela, S.A. (“PdVSA”) in response to the signing of an electoral roadmap agreement between the … Read more

New Rules for Emergency Arbitration in Chile

On August 11, 2023, the Arbitration and Mediation Center of the Santiago Chamber of Commerce (CAM Santiago) introduced new rules on emergency arbitration (EA) to its domestic Arbitration Rules, through the inclusion of a new article 21 bis and a new Title IX (EA Regulation).  The EA Regulation will enter into force on September 1, … Read more

Peru adopts new leniency regime with significant changes for leniency applicants

On 6 June 2023, the Peruvian government adopted a new Law N° 31775, that amends the country’s leniency programme. Under the new law, immunity applicants – who previously enjoyed only immunity from fines – will now also be granted immunity from criminal proceedings for hard-core cartels. The amendment also decriminalises soft-core cartels and abuses of … Read more

Chile’s latest “National Lithium Strategy” seeks to promote state control and public-private collaboration

On April 20, 2023, Chile’s president, Gabriel Boric announced Chile’s new policy on the extraction and production of lithium, the “National Lithium Strategy” (the “Strategy”) (speech available here).  The Strategy is comprised of a set of high-level principles and general measures aimed at changing the framework applicable to the extraction and production of lithium in … Read more

Colombia and Venezuela agree a new Bilateral Investment Treaty, Venezuela’s first since withdrawing from the ICSID Convention

On February 23, 2019, Venezuela broke diplomatic relations with Colombia and gave Colombian diplomats twenty-four hours to leave the country. Four years later, on February 3, 2023, Colombia and Venezuela signed an unprecedented bilateral investment treaty (BIT) that evidences the marked improvement in their relations since the election of President Gustavo Petro in June 2022. … Read more

OFAC Issues License to Trinidad and Tobago Related to Venezuelan Gas

On January 24, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control’s (“OFAC”) reportedly issued a specific license to Trinidad and Tobago to develop a major gas field located in Venezuelan territorial waters (the “Trinidad and Tobago License”). According to recent media reports, the Trinidad and Tobago License is “intended to enhance … Read more