Jurisdiction(s):
United Kingdom

Portuguese Supreme Court recognises ICSID Additional Facility award against Venezuela: waiver of jurisdictional immunity via BIT/settlement; New York Convention public policy exception narrowly applied; execution immunity reserved to enforcement

Published on: 13 August 2025

Published by a LexisNexis Arbitration expert

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Article summary

Gold Reserve Inc v Bolivarian Republic of Venezuela Supremo Tribunal de Justiça de Portugal, Proc. 108/24.7YRLSB.S1

What are the practical implications of this case?

The ruling clarifies the SCJ’s stance on sovereign immunity in the context of recognising foreign arbitral awards and delineates how narrowly the public policy exception under the NYC should be construed. It held that a state forfeits jurisdictional immunity once it agrees to submit to suit, thereby waiving that prerogative as a matter of consent. In reaching that view, the court relied on the unilateral offer to arbitrate in the relevant Venezuela–Canada BIT, with its express reference to the NYC, as well as the parties’ subsequent settlement agreement, which likewise included an arbitration clause between them. By contrast, the judgment sheds scant light on immunity from execution; as Gold Reserve Inc did not put this in issue, the court indicated it would be a matter for the later enforcement phase instead. Finally, the court construed the NYC public policy exception in an exceptionally restrictive manner, rejecting claims that recognising the award contravened Portuguese principles on environmental and local population protection, non-interference, proportionality, and abuse of rights...

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