OFAC Removes General License 13E And Issues General Licenses 3H And 9G

Husch Blackwell LLP

The U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) recently announced the removal of General License 13E (“GL 13E”), authorizing certain activities involving Nynas AB, a Swedish manufacturer of specialty oils owned in part by PDVSA, Venezuela’s state-owned oil company. The notice issued by OFAC states that 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).” As a result, U.S. persons and companies do not require authorization from OFAC to engage in transactions with Nynas AB, provided that such activities do not involve other blocked persons.

OFAC also issued two new General Licenses— GL 3H, which authorizes transactions related to certain bonds, and GL 9G, which authorizes transactions related to certain securities. Effective May 12, 2020, GL 3H replaces and supersedes GL 3G, while GL 9G replaces and supersedes GL 9F. Companies which relied on GL 3G and/or GL 9F for transactions should now reference GL 3H and/or GL 9G.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Husch Blackwell LLP | Attorney Advertising

Written by:

Husch Blackwell LLP

Husch Blackwell LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.