The Department of the Treasury's Office of Foreign Assets Control (OFAC) announced that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations.

The sanctions have been lifted following a corporate restructuring of the ownership of Nynas AB. U.S. persons and companies are no longer required an authorization from OFAC to engage in transactions or activities with Nynas AB. Consequently, general license GL 13E is removed.

The removal of the US sanctions impacting Nynas was made possible by the reduction in the ownership share and control of the company by PDVSA, the Venezuelan state-owned oil company.

"Our focus now is to successfully end the ongoing reorganisation process and having exited sanctions Nynas will be able to return to normal trading conditions and secure long-term financing," said Nynas President Bo Askvik.

Nynas has agreed to an ongoing reporting requirement with OFAC regarding any future changes to Nynas's shareholders and board of directors, as long as PDVSA is an SDN (Specially Designated National). 

Source: U.S. Treasury Department; Nynas