Latest development Oct 21, 2026
The Third Circuit heard argument on the Citgo sale order on October 21, 2026. Closing also needs an OFAC license.
The award
- Amount awarded
- $87.3M (January 29, 2016) and $137M ($112.3M to Tenaris and $24.7M to Talta, December 12, 2016), plus interest and costs
- Current estimate
- D.D.C. judgments of $256.4M (July 17, 2020) and $280.7M (August 24, 2021, altered November 5, 2021)
- Award holder
- Gramercy Distressed Opportunity Fund LLC, which bought the awards and the U.S. judgments from Tenaris S.A. and Talta-Trading e Marketing in 2023 (OFAC license August 1, 2023)
- Respondent
- Bolivarian Republic of Venezuela
- Forum
- ICSID ARB/11/26 and ARB/12/23
Challenges
Not verified.
Enforcement
United States: D.D.C. judgments on both awards. Gramercy holds them and ranks 16th in the Citgo sale Final Priority Order (D. Del. 17-mc-151, April 3, 2024).
Recovered to date
None reported. The holder’s court filing states that Venezuela has not satisfied either judgment.
Notes
Two awards combined.