United States Court of Appeals
         FOR THE DISTRICT OF COLUMBIA CIRCUIT



Argued October 5, 2023             Decided December 8, 2023

                         No. 23-7077

 VALORES MUNDIALES, S.L., AND CONSORCIO ANDINO, S.L.,
                     APPELLEES

                              v.

   BOLIVARIAN REPUBLIC OF VENEZUELA, MINISTERIO DEL
     PODER POPULAR PARA RELACIONES EXTERIORES,
                     APPELLANT



        Appeal from the United States District Court
                for the District of Columbia
                    (No. 1:19-cv-00046)



    Miguel López-Forastier argued the cause for appellees.
With him on the briefs were José E. Arvelo, Amanda Tuninetti,
and José F. Girón.

     Juan O. Perla argued the cause for appellant. With him on
the brief were Joseph D. Pizzurro, Sylvi Sareva, and Rebecca
Meyer.

   Before: RAO, Circuit Judge, CHILDS, Circuit Judge, and
EDWARDS, Senior Circuit Judge.
                                2
   Opinion for the Court filed by Senior Circuit Judge
EDWARDS.

    EDWARDS, Senior Circuit Judge: The International Centre
for Settlement of Investment Disputes (“ICSID”) was
established in 1966 by a multilateral convention des