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Stay is lifted, but only if Conoco provides guarantees that Venezuela will be able to recoup funds in case of annulment
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Prospects of enforcement are uncertain due to OFAC sanctions
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Impact of payment on Venezuela’s budget is a question for enforcement courts
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Absence of prejudice to creditor is not an appropriate starting point
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Likelihood of success is not relevant to the stay decision
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Committees must assume that annulment applications are made in good faith
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No presumption in favour of a stay
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Committee declines to take position in dispute between Venezuela’s legislative and judiciary branches
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Curtis and De Jesus both submit annulment applications
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Committee decides that status quo is best served by proceeding with two sets of counsel for Venezuela
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Maduro government argues that the Representation Decision creates a manifest appearance of lack of independence and impartiality
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Representation Decision did not demonstrate a manifest lack of independence and impartiality of the committee
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Challenges based on decisions have a “heavy burden to discharge”, according to Mr. Phillips
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Mr. Phillips offers review of previous decisions on Venezuela’s proper representation
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Representation Decision was not impracticable
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Representation Decision adopted a “practical, convenient and politic” solution
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Committee did not take position in favour of either government
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Absence of harm to Masdar is also not sufficient to support a stay
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Alleged risk that Masdar will not be able to recover its damages award if the stay is continued is not established
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Each party bears the burden to prove its positive assertions
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Committee has discretion in granting a continued stay
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Lack of dilatory intention is insufficient to warrant a continued stay
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Committee may take into account difficulties arising from the intra-EU nature of the dispute, but these difficulties do not warrant a stay in the present case
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Stay of enforcement is neither exceptional, nor should it be presumed
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