The sanctions world experienced another action-packed year in 2023. Sanctions against Russia dominated the year in terms of the number of designations and new restrictions, and the attacks perpetrated by Hamas in Israel on 7...more
Background - In 2018, several foreign investors obtained international arbitration awards against the Venezuelan government, which nationalized various industries under then-President Hugo Chávez. After confirming their...more
Now the subject of a lawsuit seeking to enjoin it, Florida Senate Bill 264 (CS/CS/SB 264), codified at Chapter No. 2023-33, Laws of Florida, would limit select persons from "foreign countries of concern" from directly or...more
Following the Mexican government’s latest initiative of the Mexican government to amend the Hydrocarbons Law, the concerns about Mexico following in Venezuela’s footsteps to undo the energy reform (like Venezuela destroyed...more
Turning to the business of exports from the United States, the next section is a must-read for any company doing business in the United States or from the United States. Or for that matter, any company competing with affected...more
In a novel and aggressive move likely aimed at garnering goodwill with federal regulators, Venezuelan state-owned entity CITGO Petroleum Company (“CITGO”) has sued its former agent for harm CITGO alleges was caused by the...more
The Supreme Court of Justice of Venezuela declared last month the constitutionality of Decree 3,844, issued on May 10, 2019, by means of which the government of Nicolás Maduro enacted a State of Exception and Economic...more
On March 5, 2019, King & Spalding hosted an Energy Forum, titled “Shifting Dynamics in Latin America”, to discuss the political and regulatory changes in Latin America and their impact on investments in energy. Latin...more
On January 28, 2019, the United States imposed blocking sanctions on Petróleos de Venezuela SA (“PdVSA”), the Venezuelan state-owned oil company. The measures follow President Trump’s recent decision to recognize Juan Guaidó,...more
US Courts Will Decide Whether to Enforce US$2 Billion Award Against Petróleos de Venezuela - In April 2018, an International Chamber of Commerce (ICC) tribunal awarded US$2.04 billion in damages to two subsidiaries of U.S....more
In November 2017, S&P Global Ratings declared Venezuela in default after it failed to make a $200 million coupon payment on its sovereign bonds. Many saw this coming. Since 2014, the country has been mired in a recession that...more
ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more
ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd....more
ANTICORRUPTION DEVELOPMENTS – SBM Offshore N.V. Agrees to Pay $238 Million to Resolve DOJ FCPA Enforcement Action - On November 29, 2017, SBM Offshore N.V. (SBM), a Netherlands based company specializing in the...more
The latest on the economic woes on Venezuela, including the status of the country’s bonds and the foreign investors that they’ve attracted (and who are now selling)....more
International investment arbitration – also known as investment treaty arbitration or investor-State arbitration – is a procedure whereby foreign investors may seek a binding adjudication of claims against host States that...more