LICENSE No. VENEZUELA-EO13850-2021-372516-1 [Application included]

Date issued: Jun. 02 2021

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TURBOFAC Commentary (469 words)

Notes:

As detailed in the documents in the PDF file surrounding the license application, the U.S. person applicant blocked $474,706.50 that it collected from third parties, most of which was for onward transfer to a blocked PDVSA-owned entity. Of that amount, $29,524.92 was owed to the U.S. person for its services.

Separately, a U.S. judgment creditor obtained a judgment pursuant to TRIA, along with a writ of garnishment for the garnishing of PDVSA assets. Evidently, the judgment creditor sought to garnish the blocked funds that the U.S. person applicant owed to PDVSA, along with the fee for $29,524.92 representing the “fee for services provided by Universal to its [third party] customers”.

LICENSE No. VENEZUELA-EO13850-2021-372516-1 is a rare “unblocking” license, i.e. a license unblocking funds in which a blocked person has an “interest” that are...