There is nobody that can buy his volume of heavy crude oil that does not enforce international arbitration awards. It's not like he has WTI or Brent for sale.

The only really unpredictable major countries for enforcement include Russia, Iran, North Korea, and Hugo's local friends like Cuba and Ecuador.

China has set a clear pattern of following the rule of international law when enforcing foreign arbitral awards, likely to help them gain full WTO status early.

So, I have to say false at least until Hugo can refine it all into something useful that he can sell to rogue countries, which will be a long time if Hugo's past performance is any indication of future abilities (what future he has left).

It is true that if he stops selling oil, he can avoid paying the awards, but that is not likely considering the whole country would starve.