Exxon Mobil Takes Cuba Asset Seizure Dispute to Supreme Court
Exxon Mobil has taken its long-standing dispute with Cuba over seized assets to the Supreme Court. The oil giant alleges it has not received compensation for assets worth $70 million (in 1960 dollars) seized by the Cuban government. The case, Exxon v. Corporación Cimex, was granted ahead of the Supreme Court's new term.
The dispute dates back to the Cuban Revolution in 1959, when Fidel Castro's government nationalized various industries, including oil and gas assets owned by Exxon. The company has been seeking compensation ever since. Now, Exxon is seeking clarification from the Supreme Court on whether it can pursue compensation from the Cuban state-owned holding company Corporación Cimex.
The case has gained attention as it marks a rare instance of a U.S. company challenging a foreign government over expropriated assets in the Supreme Court. It also comes at a time when U.S.-Cuba relations are under scrutiny, with the Biden administration reviewing the Trump-era policies towards the island nation.
The Supreme Court's decision in Exxon v. Corporación Cimex could have significant implications for U.S. companies with disputes involving foreign governments. It could also potentially impact U.S.-Cuba relations. The court is expected to hear the case during its new term.
