Latest development Dec 2, 2025
Under the Amber Energy deal, Rusoro would receive $400M in cash and $650M in convertible notes and warrants at closing, leaving about $650M unpaid.
The award
- Amount awarded
- $967.8M plus interest
- Current estimate
- $1.67B (June 2022). The U.S. judgment stood at about $1.55B (December 2025).
- Award holder
- Rusoro Mining Ltd
- Respondent
- Bolivarian Republic of Venezuela
- Forum
- ICSID Additional Facility ARB(AF)/12/5 · seat Paris
Challenges
The Paris Court of Appeal partly annulled the award in 2019. The Cour de cassation quashed that ruling on March 31, 2021, and the Paris Court of Appeal rejected annulment in full on June 7, 2022.
Enforcement
United States: the D.D.C. confirmed the award on March 1, 2018 (appeal dropped in 2021). A New York state judgment of November 23, 2021 awarded $100M on a breached 2018 settlement. Citgo queue: 7th.
Recovered to date
None confirmed