Exxon v. Cuba: Supreme Court to Decide on Seized Assets
A long-standing dispute between Exxon Mobil and Cuba over seized assets is currently before the US Supreme Court. The case, Exxon v. Corporación Cimex, involves claims by Exxon that the Cuban government has not compensated for oil and gas assets worth $70 million in 1960 dollars, which were seized over six decades ago.
The dispute, which has been ongoing for decades, has now been granted a hearing ahead of the Supreme Court's new term. Exxon is seeking clarification on whether it can pursue compensation from Cuban state-owned holding company Corporación Cimex. President Joe Biden has shown support for the litigation, as the US government has long maintained that Cuba's seizure of American assets was illegal.
The case dates back to 1960 when the Cuban government nationalized Exxon's assets in the country without compensation. Exxon has been pursuing legal action ever since, with the current case being the latest development in this decades-old conflict.
The Supreme Court's decision in Exxon v. Corporación Cimex could have significant implications for future claims against Cuba over seized assets. Exxon hopes that the court will provide clarity on pursuing compensation, while Cuba maintains that the assets were seized legally and that it will not pay compensation.
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