On April 3, 2020, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) re-issued and extended General License No. 13E (“GL 13E”) to continue the validity period for transactions concerning Nynas AB and its subsidiaries (“Nynas”) that otherwise would be prohibited under Executive Order 13850 or Executive Order 13884 given Nynas’s 50% indirect ownership by Petróleos de Venezuela S.A. (“PdVSA”). The authorization was extended through 12:01 am EST on May 14, 2020.
In a note accompanying GL 13E’s issuance OFAC explained it was in discussions with Nynas regarding a proposed corporate restructuring that could potentially result in “significant changes to Nynas AB’s ownership and control,” and that the one-month extension period was to allow for the completion of these discussions. As outlined in our previous blog post available here, OFAC had previously re-issued the Nynas-related general license for six months, i.e., through April 14, 2020.