Venezuela Tells ICJ: Any Ruling on Essequibo Will Not Change Venezuela's Position

On May 7, 2026, Venezuela continued its second day of first-round oral arguments at the ICJ, with Venezuela's legal team stating that an ICJ ruling in Guyana's favor would not alter Venezuela's sovereignty claim over the Essequibo. Venezuela's lead attorney reiterated that the 1966 Geneva Agreement — not the 1899 Arbitral Award — is the only valid framework for resolving the dispute, arguing that the award was procured through a compromised arbitration process. Venezuela's position was that the ICJ ruling would 'conclude the case but not put an end to the territorial dispute.' The 15-judge panel heard Venezuela's arguments across multiple sessions. The same day, the US Federal Register published the formal text of OFAC Venezuela Sanctions Regulations General Licenses 46, 46A, and 46B — codifying the progressive expansion of oil trade authorizations since January 2026 that allow established US companies to trade Venezuelan-origin oil and petrochemical products. The licenses prohibit involvement of Iranian, North Korean, Cuban, or Russian entities.