April 6, 2020

OFAC issues Venezuela-related general license for Nynas AB

On April 3, 2020, the US Department of Treasury’s Office of Foreign Asset Control issued a general license related to the Venezuela Sanctions Regulations (VSR), 31 C.F.R. Part 591, to enable Nynas AB to engage in a corporate restructure that may lead to significant ownership changes, providing the following: 

General License No. 13E – “Authorizing Certain Activities Involving Nynas AB,” allows all transactions prohibited by Executive Order 13850 dated November 1, 2018, and amended by E.O. 13857 dated January 25, 2019 or E.O. 13884 dated August 5, 2019, when the only entities involved are the Government of Venezuela and Nynas AB or its subsidiaries. Such activities are authorized through May 14, 2020.  In addition, any payment that is under the control of any US person that directly or indirectly benefits Nynas AB or its subsidiaries in any transaction with the Government of Venezuela, must be placed into a blocked, interest-bearing account located in the US pursuant to 31 C.F.R. § 591.203.  This license does not authorize the export of goods or services by any US person to the Government of Venezuela other than those to Nynas AB.  It also does not authorize transactions related to the exportation of diluents to Venezuela, or the purchase of Venezuelan petroleum by Nynas AB, or any transaction prohibited by the VSR or the unblocking of any property blocked pursuant to 31 C.F.R. chapter V except as it applies to Nynas AB in its transactions with the Government of Venezuela.  This license replaces and supersedes General License No. 13D dated October 17, 2019.

OFAC Press Release | General License No. 13E