Just weeks before the American military operation in Venezuela to capture President Nicolás Maduro, the US energy giant Halliburton filed an unusual lawsuit in international court claiming the Venezuelan government owed them damages for US sanctions against the country.
A separate case against Venezuela is also being pursued by another fossil fuel giant whose board includes an oil magnate whose family has delivered large financial contributions to Republicans and conservative causes. One family member poured tens of thousands of dollars into a political committee focused on reelecting President Donald Trump in 2024.
Such companies with pending claims could now be among the first in line to receive a massive windfall from a new Trump-installed Venezuelan government that is willing to funnel the South American country’s cash to corporate plaintiffs.
Shortly after the US military operation on January 3, Trump declared that the United States would “run” Venezuela, along with making investments in the country’s oil and gas infrastructure and selling state-run oil assets. Venezuela is home to the largest oil reserves in the world, representing about 17 percent of the world’s global supply, though much of the country’s reserves remain untapped.
In all, Venezuela is facing nine pending cases launched by investors and major corporations alleging financial damages related to the country’s nationalization of state industries, international sanctions, and political instability. The country has settled dozens more in recent decades.
These cases are arbitrated within the World Bank’s International Centre for Settlement of Investment Disputes, a governing body that has been widely criticized for prioritizing investors’ interests over those of sovereign states, and particularly those of developing nations. In 17 percent of such cases, the host country has been forced to settle.
A US-backed Venezuelan government could settle those cases or fail to…
Auteur: Luke Goldstein
