May 12, 2020

OFAC revokes general license 13E and removes restrictions related to Nynas AB

On May 12, 2020, the US Department of the Treasury’s Office of Foreign Assets Control announced its revocation of general license 13E to reflect that Nynas AB is no longer blocked pursuant to the Venezuela Sanctions Regulations, 31 CFR Part 591, after the company’s corporate restructuring severed control and reduced the interest of blocked persons below 50 percent.  As a result, US persons are no longer required to obtain OFAC approval to engage in business transactions with Nynas, as long as the transactions do not involve activities that are otherwise prohibited.  OFAC also issued two general licenses GL 3H and GL 9G, to enable the purchase of Nynas AB bonds and securities.  These general licenses are effective May 12, 2020, and replace and supersede GL 3G and GL 9F respectively.

In addition, OFAC updated its Frequently Asked Questions to clarify the implications of GL 3H and GL 9G for US and non-US persons, while emphasizing that US persons are still prohibited from transactions involving Petróleos de Venezuela, S.A. and related entities without prior authorization from OFAC.

OFAC Press Release | General License 3H | General License 9G | OFAC Frequently Asked Questions – 661 and 662