LICENSE No. VENEZUELA-2025-1354711-1 (Application in PDF)

Date issued: Sep. 24 2025

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TURBOFAC Commentary (561 words)

Notes:

1) This license and associated application are notable for a number of reasons. First, from a licensing policy standpoint, it illustrates an apparently favorable licensing policy—likely still in place given the recency of the issuance of the license—with respect to the sale of judgments against the Venezuelan government by U.S. judgment holders to financial institution investors.

2) From a technical standpoint, the license, which is not issued as a TEAR (“to the extent authorization is required”) license, is notable insofar as it serves as a rejection of the applicants arguments that (i) blocked persons do not have an interest in judgments against them, and (ii) in any event sale of the judgment is covered by Venezuela Venezuela General License 9 and not prohibited by the “new debt” prohibition of