Venezuela must pay an $8.7 billion claim to ConocoPhillips stemming from asset seizures during the reign of the late Hugo Chavez after an international court rebuffed the South American nation’s final appeal.

The World Bank’s International Centre for Settlement of Investment Disputes upheld a 2019 ruling in favor of the US oil explorer’s demand for compensation for seizures more than a decade ago, ConocoPhillips announced Thursday.