October 17, 2019

Treasury amends Venezuela-related General Licenses

On October 17, 2019, the Office of Foreign Assets Control of the United States Department of the Treasury issued General License 13D, which replaces and supersedes General License 13C.  The new General License authorizes transactions that would otherwise be blocked by Executive Orders 13850, 13857 or 13884 if the only government of Venezuela entity involved is Nynas AB or any of its subsidiaries. However, it does not authorize transactions related to the acquisition of Venezuela-origin petroleum products by any party, or to transactions related to the exportation of diluents to Venezuela, and it does not authorize transactions otherwise prohibited by Executive Orders 13884, 13850, 13835, 13827, 13808 or 13692 or the amendments thereto effected by Executive Order 13857.

Nynas, a Swedish company, uses crude oil to make high quality bitumen and naphthenic specialty oils.  The company is over 50% owned by Petróleos de Venezuela, S.A. (PdVSA), which was placed on the list of Specially Designated Nationals and Blocked Persons on January 28, 2019. .

General License 13D remains in effect until 12:01 a.m. eastern daylight time on April 14, 2020.

On September 30, 2019, OFAC issued two other Venezuela-related genera licenses:  General License 3G, “Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain Bonds,” to replace General License 3F, and General License 9F, “Authorizing Transactions Related to Dealings in Certain Securities,” to replace General License 9F. 

General License 13D | General License 3G | General License 9F