Latest development Oct 8, 2026
Gold Reserve said it would support a six-month abeyance of the Citgo appeal if the U.S. government backs it.
The award
- Amount awarded
- $740.3M plus interest (LIBOR plus 2%)
- Current estimate
- About $1.18B claimed (August 2025)
- Award holder
- Gold Reserve Inc.
- Respondent
- Bolivarian Republic of Venezuela
- Forum
- ICSID Additional Facility ARB(AF)/09/1 · seat Paris
Challenges
Upheld by the Paris Court of Appeal.
Enforcement
United States: D.D.C. judgment (November 15, 2015). Portugal: the Lisbon Court of Appeal recognized the award in February 2025 (more than $1.1B), and attachments cover Portuguese bank accounts holding more than $1.4B. Citgo queue: 10th. Gold Reserve’s Dalinar Energy bid ($7.9B) lost to Amber Energy, and it is appealing the sale order.
Recovered to date
About $276M (2016 settlement)
Notes
Gold Reserve filed a separate ICSID claim over Siembra Minera (more than $7B) on March 5, 2025.