IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 23 Aug 2011 | Removal date: open ended
Still in force

FDI: Treatment and operations, nes

On August 23, 2011, the Venezuelan President Hugo Chavez introduced a regulation (Decree No 8.413) on the nationalisation and expropriation, without compensation, of assets and mining concessions owned by Rusoro, a Russian-Canadian mining company. This decree made the Venezuelan state 'the sole and exclusive employer for the workers and employees who provide services for the operations of the mining concessions'.
Rusoro announced on July 18, 2012 that it would bring the case to the International Centre for the Settlement of Investment Disputes (ICSID). The mining firm seeks USD 3.03 billion in compensation.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

Please report this page in case you detect an inaccuracy in its content.