Venezuela's withdrawal from Icsid is made effective

At 12:01 a.m. of Wednesday, Venezuela's withdrawal from the International Center for Settlement of Investment Disputes (Icisd) was made final. Earlier, on January 25, the Venezuelan State set forth its decision at the World Bank, state-run news agency AVN reported.

The six-month term to complete the withdrawal is specified in Article 71 of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, signed in 1993 during the provisional government of Venezuelan President Ramón J. Velásquez.

The AVN notice adds that the Venezuelan Foreign Office remembered earlier this year that the Icsid Convention was executed by a government "devoid of popular legitimacy" and under the pressure of "transnational economic sectors involved in the dismantling of the Venezuelan national sovereignty."

Under Article 72 of the Convention, Venezuela's departure may not be construed as noncompliance with the rulings related the country amounting to USD 5 billion.