Originally from the Journal of Damages in International Arbitration

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Air Canada v. Bolivarian Republic of Venezuela, ICSID Case No. ARB(AF)/17/1 

Award, 13 September 2021 

Viva Dadwal1 

The Parties 

Air Canada Inc. (Claimant); Bolivarian Republic of Venezuela (Respondent) 

Sector 

Aviation 

Applicable Treaty 

Agreement between the Government of Canada and the Government of the Republic of Venezuela for the Promotion and Protection of Investments, signed in Caracas on July 1, 1996 (the bilateral investment treaty (BIT)) 

Members of the Tribunal 

Pierre D. Tercier (president), Charles H. Poncet (Claimant’s appointee) and Deva G. Villanúa (Respondent’s appointee) 

1. Background 

The dispute concerned the ability of an investor to freely exchange and repatriate funds arising from its foreign investments in Venezuela. Claimant argued that it was forced to suspend its flights between Toronto and Caracas due to the unrest and challenges of conducting business in Venezuela, including its difficulties repatriating its funds from Venezuela.