Venezuelan Threat to Quit International Arbitration Body Now Official

摘要

When President Hugo Chavez hinted earlier this month that Venezuela planned to withdraw from the International Centre for Settlement of Investment Disputes (ICSID), it was widely regarded as typical bluster from the populist leader who is seeking re-election in October (IOD Jan.10’12). But it now appears to be official, with Energy Minister Rafael Ramirez — who also heads state oil company Petroleos de Venezuela (PDV) — recently confirming that Caracas does indeed intend to quit the arbitration tribunal that is affiliated with the World Bank.