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

On 24 August 2023, during the 15th BRICS Summit, it was publicly announced that the Argentine Republic was invited to join BRICS as of 1st January 2024. Current president of Argentina, Mr Alberto Ángel Fernández communicated that the BRICS membership is expected to open new markets, facilitate investment flow and increase exports for the state. … Read more

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

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

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

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

On January 1, 2023, following an extremely disputed presidential election, Luiz Inácio Lula da Silva took office as the President of the Federative Republic of Brazil. Although a popular Brazilian politician and former President for two consecutive terms (2003 until 2010), Lula’s third presidential term begins in a polarized political scenario. On January 8, 2023, … Read more

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