The US Treasury Department’s Office of Foreign Asset Control (OFAC) announced on 12 May 2020 that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations. As a result of a corporate restructuring of the ownership of Nynas AB sanctions are lifted, and U.S. persons and companies no longer require an authorization from OFAC to engage in transactions or activities with Nynas AB. Under the terms of the restructuring of Nynas’s shareholders and board of directors reviewed and approved by OFAC, PDVSA has reduced the percentage of Nynas shares it owns to 15 percent of all shares currently issued. The 35 percent divested by PDVSA are now controlled by an independent Swedish foundation under no influence by PDVSA, established to enable a reduction in PDVSA’s ownership interest.
PDVSA’s ad hoc board said it wasn’t consulted about the deal that was supported by Maduro’s administration.