Who gains from saving nature
Ledger 1 : 33 — For each dollar financing nature-based solutions in 2023, about $33 financed activities harmful to nature. (UNEP)
Cases / Insurance, liability and compensation funds · Venezuela · 2019–2026

Unpaid Venezuelan contributions to the IOPC Funds, 2019–2026

Nature's voice · report
No measurement of the harm done to me here is on record.
Did nature suffer? Not measured.
Not on record
  • The record does not name which of my species, waters, soils or forests were harmed.
What the record lacks: 2 none on record · 1 not disclosed · 1 insufficient · 1 not measured · 1 disputed · 1 unclear See the gaps

A contributor in Venezuela has not paid its levies to the 1992 Fund, which compensates victims of tanker oil spills worldwide, since May 2019. The IOPC Funds recorded £1,053,829 outstanding, plus £228,960 interest, on 1 September 2026; the contributor is not named.

£1,053,829Outstanding Venezuelan contributions to the 1992 Fund, 1 September 2026
Plus £228,960 interest to 31 December 2025, still accruing (IOPC/OCT26/5/2). In October 2024 the figure was £976,135.69; the earliest outstanding invoices were due on 29 May 2019.

Status As of 18 September 2026: £1,053,829 in contributions plus £228,960 interest outstanding; the IOPC Director has not been able to make progress with Venezuelan authorities and does not intend to take legal action at present.

What?
A contributor in Venezuela has not paid its levies to the 1992 Fund since May 2019; £1,053,829 plus £228,960 interest was outstanding on 1 September 2026. IOPC Funds
Where?
Venezuela, a Member State of the 1992 Fund; the IOPC Secretariat is in London. IOPC Funds
When?
Invoices due from 29 May 2019; reports dated October 2020 to 18 September 2026. IOPC Funds
Who?
Gained
None on record
Lost
  • 1992 Fund (IOPC Funds) — £1,053,829 in contributions and £228,960 interest outstanding as at 1 September 2026, including levies to Major Claims Funds created to pay compensation for specific spills elsewhere IOPC Funds
Harmed
None on record
Why?
Not disclosed: the reason for non-payment. IOPC Funds
How?
The levies fund compensation for tanker-spill victims; the Director has sought to engage Venezuelan authorities, interest accrues at 5.75% from 1 March 2026, and Resolution No12 on the deferral of compensation payments is marked as applicable to Venezuela. IOPC Funds
6 of 6 questions answered from the record

What happened

The record, in order.

The International Oil Pollution Compensation Funds (IOPC Funds) compensate victims of tanker oil spills. They are financed by levies on entities that receive more than 150,000 tonnes of contributing oil a year in a Member State. Venezuela is a Member State of the 1992 Fund. The IOPC Secretariat's annual Report on Contributions records that a contributor in Venezuela has not paid its levies since May 2019; the earliest outstanding invoices were due on 29 May 2019.

The Venezuelan arrears recorded in successive reports were £658,359.48 in October 2020 (27.06% of all outstanding contributions; interest due £9,590.72 to 31 December 2019), the same amount in 2021 (54.26%) and 2022 (49.35%), £828,995.82 in October 2023 (51.63%), £976,135.69 in October 2024 (37.74%; interest £95,015.22 to 31 December 2023), £1,010,066 on 1 October 2025 (30.80%; interest £162,464 to 31 December 2024) and £1,053,829 on 1 September 2026 (about 26%; interest £228,960 to 31 December 2025, still accruing). The October 2026 report expects the amount to grow once the oil reports for 2023, 2024 and 2025 are submitted.

According to Annex II of the October 2026 report, the amounts owed are General Fund levies for 2010–2019 and 2021–2023, plus levies to the Major Claims Funds for Alfa I, Agia Zoni II, Nesa R3, Bow Jubail, Princess Empress and an incident in Israel, which are funds created to pay compensation for specific spills elsewhere. The Annex shows 'Venezuela (2)' contributors in arrears for some items, while the narrative paragraph refers to 'a contributor in Venezuela'. Interest is charged at 2% above the London clearing bank base rate on 1 March, which gave 5.75% from 1 March 2026.

The October 2026 report marks 1992 Fund Assembly Resolution No12 (adopted in April 2016) as applicable to Venezuela; the measure is the deferral of compensation payments. The IOPC Director states: 'It is not the intention of the Director to take legal action in respect of outstanding contributions in these States at the present time.' The Director has reported efforts to engage with Venezuelan authorities over several years: working with the Venezuelan Ambassador in London in 2020–2021, attempting to engage with the Ambassador in 2022, being in communication with the Ambassador in 2023, being hopeful in 2024 that the matter would be resolved soon, and, in 2025–2026, having 'sought to engage with authorities in Venezuela on this matter over a number of years but has so far not been able to make progress.'

  1. 2019Earliest outstanding invoices due (29 May)
  2. 2020£658,359.48 outstanding (IOPC/NOV20/5/2, 23 Oct; data as at 25 Sept)
  3. 2021£658,359.48 outstanding, 54.26% of all outstanding contributions (28 Sept)
  4. 2022£658,359.48 outstanding, 49.35% (6 Oct)
  5. 2023£828,995.82 outstanding, 51.63% (5 Oct)
  6. 2024£976,135.69 outstanding, 37.74% (7 Oct); IOPC Credentials Committee examines rival Venezuelan delegations (April)
  7. 2025£1,010,066 outstanding, 30.80% (17 Oct)
  8. 2026£1,053,829 outstanding, about 26%, plus £228,960 interest (IOPC/OCT26/5/2, 18 Sept)

What was said

Claims, in the words of those who made them.

“It is not the intention of the Director to take legal action in respect of outstanding contributions in these States at the present time.”

IOPC Director, Report on Contributions IOPC/OCT26/5/2 · 18 September 2026 · IOPC Funds

“has sought to engage with authorities in Venezuela on this matter over a number of years but has so far not been able to make progress.”

IOPC Secretariat note, Report on Contributions, on the Director · 2025–2026 · IOPC Funds

“working closely with the Venezuelan Ambassador in London and is hopeful that”

IOPC Secretariat note, Report on Contributions, on the Director · 2020–2021 · IOPC Funds

“hopeful that this matter will be resolved soon”

IOPC Secretariat note, Report on Contributions, on the Director · 2024 · IOPC Funds

Where accounts differ

Each party's account, side by side, with its source. The record does not settle these points; it shows them.

Which delegation represented Venezuela at the April 2024 IOPC sessions
Government and regulators
Yvan Gil, Foreign Minister

Accredited one Venezuelan delegation (IOPC Credentials Committee).

IOPC Funds
Government and regulators
Dinorah Figuera, as National Assembly president

Accredited a rival Venezuelan delegation (IOPC Credentials Committee).

IOPC Funds

How it looked

What was shown, beside what was recorded.

Shown

    Recorded

    • Outstanding Venezuelan contributions to the 1992 Fund: £658,359.48 (October 2020, 2021 and 2022); £828,995.82 (2023); £976,135.69 (2024); £1,010,066 (2025); £1,053,829 (2026).
      IOPC Funds
    • Share of all outstanding contributions: 27.06% (2020), 54.26% (2021), 49.35% (2022), 51.63% (2023), 37.74% (2024), 30.80% (2025), about 26% (2026).
      IOPC Funds
    • Interest due: £9,590.72 (to 31 December 2019), £27,415.45 (2020), £41,932.73 (2021), £57,958.85 (2022), £95,015.22 (2023), £162,464 (2024), £228,960 (2025).
      IOPC Funds
    • The amounts owed cover General Fund levies for 2010–2019 and 2021–2023 and levies to the Major Claims Funds for Alfa I, Agia Zoni II, Nesa R3, Bow Jubail, Princess Empress and an incident in Israel.
      IOPC Funds
    • Resolution No12 of the 1992 Fund Assembly (April 2016), on the deferral of compensation payments, is marked as applicable to Venezuela in the October 2026 report.
      IOPC Funds

    Who gained

    Money that reached nature, beside money that stayed elsewhere.

    Reached nature or the ground

    Not published
    No figure published.

    Gained elsewhere

    Not totalled
    Venezuelan contributions outstanding to the 1992 Fund, October 2020£0.66m
    Venezuelan contributions outstanding, October 2024£0.98m
    Venezuelan contributions outstanding, 1 September 2026£1.05m
    Interest due to 31 December 2025, still accruing£0.23m
    Currency: GBP · Window: 2020–2026. All figures cover the same period. * Estimate built from cited figures.

    Responses on record

    • iopc-funds (2020–2021): The Director was working closely with the Venezuelan Ambassador in London and hopeful that payment would follow. · IOPC Funds
    • iopc-funds (2022–2023): The Director would attempt to engage with the Venezuelan Ambassador (2022) and had been in communication with the Ambassador (2023). · IOPC Funds
    • iopc-funds (2024): The Director was hopeful that the matter would be resolved soon. · IOPC Funds
    • iopc-funds (2025–2026): The Director has sought to engage with authorities in Venezuela over a number of years but has so far not been able to make progress; legal action is not intended at present. · IOPC Funds

    In court and with insurers

    Every proceeding and every insurer decision on record.

    Lawsuits and rulings

    1. 2016–Ongoing£1.05m contributions outstanding as at 1 September 2026, plus £228,960 interest
      Resolution No12 applied to Venezuela (deferral of compensation payments)
      1992 Fund Assembly (IOPC Funds) · International court · 1992 Fund (IOPC Funds) → A contributor in Venezuela (not named)

      Resolution No12, adopted in April 2016, is marked as applicable to Venezuela in the October 2026 report, with footnotes covering oil reports outstanding for two or more years and contributions outstanding for two or more years. The measure is the deferral of compensation payments to the State. The Director states that it is not the intention to take legal action over outstanding contributions at present. IOPC Funds

    Insurers

    No insurer decision on record.

    What nature saw

    Outcomes measured on the ground, and nature's note.

    Nature's report opens this page. Below: further outcomes measured on the ground.

    Outstanding, September 2026
    £1,053,829
    Plus £228,960 interest to 31 December 2025
    Outstanding, October 2024
    £976,135.69
    37.74% of all outstanding contributions
    Outstanding, October 2020
    £658,359.48
    27.06% of all outstanding contributions
    Unpaid since
    May 2019
    Earliest outstanding invoices due 29 May 2019

    What we don't know

    Undisclosed, unproven, untried: recorded as data.
    Key earnings undisclosed

    Nature

    • Not measured Harm to nature: The record holds no measurement of harm to nature.

    Accounts

    • Disputed Which delegation represented Venezuela at the April 2024 IOPC sessions

    Record

    • Not disclosed Not disclosed: the identity of the contributor; the IOPC documents refer only to 'a contributor in Venezuela'.
    • Unclear Unclear: the number of contributors in arrears. The 2026 Annex shows 'Venezuela (2)' for some items, while the narrative paragraph refers to 'a contributor in Venezuela'.
    • Insufficient Insufficient: the oil reports for 2023, 2024 and 2025 had not been fully submitted as at 1 September 2026, and the October 2026 report expects the arrears to grow once they are.
    • None on record None on record: a statement from the contributor or from Venezuelan authorities on the arrears.
    • None on record None on record: legal action by the IOPC Funds; the Director states it is not the intention to take legal action at present.

    Did the harm stop?

    Arrears were still accruing interest at 1 September 2026.

    Who paid?

    None on record. The outstanding contributions had not been paid as at 1 September 2026.

    Sources

    Voices on record: — Company or project— Government and regulators— Courts— Press and investigations— Communities and civil society— Researchers✓ International bodies

    International bodies

    Connected cases

    Related matters, and cases linked to this one through the same organisations, with the role each played in both.
    Terms used on this page

    Insurance

    IOPC Funds
    The International Oil Pollution Compensation Funds: intergovernmental funds, financed by companies that receive oil by sea, that pay for tanker oil-spill damage above the shipowner's liability limit.
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