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OFAC adjusts Venezuela-related General Licenses

May 12, 2020

OFAC has posted a notice that it has revoked and archived on its website Venezuela-related General License (GL) 13E “Authorizing Certain Activities Involving Nynas AB,” and has issued 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 also made conforming technical updates to two Frequently Asked Questions to reflect the issuance of GLs 3H and 9G.

The notice also said that Nynas AB has undertaken a corporate restructuring that has resulted in Nynas AB no longer being blocked pursuant to the Venezuela Sanctions Regulations. 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.

First published on 05/12/2020

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