OFAC withdrew a general license which had previously authorized certain activities for an entity that was majority-owned by Venezuela's state-owned oil company. OFAC amended other general licenses and FAQs to reflect the removal of sanctions on the entity.

Nynas AB had previously been blocked under Venezuela Sanctions Regulations because Venezuela's state-owned oil company, Petróleos de Venezuela, S.A., a blocked entity, held a majority stake. According to OFAC, Nynas AB undertook a corporate restructuring so as to reduce the interest of blocked persons below 50 percent. As a result of the reduction in ownership interest, OFAC revoked General License 13E, which provided the necessary authorization for U.S. persons to deal with the company.

Additionally, OFAC issued General Licenses No. 3H ("Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain Bonds") and 9G ("Authorizing Transactions Related to Dealings in Certain Securities"), which replace General Licenses 3G and 9F, respectively, to remove any mention of Nynas AB. OFAC also revised two FAQs (see here and here) to reflect the change in Nynas AB's status.

Primary Sources

  1. OFAC Press Release: Removal of Venezuela-related General License 13E, Issuance of Venezuela-related General Licenses 3H and 9G, and Amended Frequently Asked Questions

Originally published 12 May 2020

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