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50 Percent Rule? Not for Nynas…

Removal of Venezuela-related General License 13E, Issuance of Venezuela-related General Licenses 3H and 9G, and Amended Frequently Asked Questions

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is revoking and archiving on its website Venezuela-related General License (GL) 13E “Authorizing Certain Activities Involving Nynas AB,” and is issuing GL 3H (“Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain Bonds”) and GL 9G (“Authorizing Transactions Related to Dealings in Certain Securities”), in each case to remove references to Nynas AB.  OFAC is also making conforming technical updates to two Frequently Asked Questionsto reflect the issuance of GLs 3H and 9G. 
 
Nynas AB has undertaken a corporate restructuring that has resulted in Nynas AB no longer being blocked pursuant to the Venezuela Sanctions Regulations (31 C.F.R. Part 591).  This corporate restructuring, among other things, severs control by blocked persons and reduces the interest of blocked persons below 50 percent.  U.S. persons do not require authorization from OFAC to engage in transactions or activities with Nynas AB, provided such activities do not involve blocked persons or otherwise prohibited activities.
 
Absent authorization from OFAC, all U.S. persons continue to be prohibited from engaging in any dealings with Petróleos de Venezuela, S.A. (PdVSA), or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest.

Links:

OFAC Notice

General License 3H

General License 9G

Amended FAQs

Categories: Licenses OFAC Updates Venezuela sanctions

eric9to5

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