"Nynas AB has undertaken a corporate restructuring that has resulted in Nynas AB no longer being blocked pursuant to the Venezuela Sanctions Regulations," the Treasury said in a statement. "US persons do not require authorisation from OFAC to engage in transactions or activities with Nynas AB, provided such activities do not involve blocked persons or otherwise prohibited activities. Absent authorisation … all US persons continue to be prohibited from engaging in any dealings with Petroleos de Venezuela, SA (PdVSA), or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest."
Last month, the Treasury announced that the United States extended the wind-down period for companies to conduct limited business with Venezuela's NYNAS AB until 14 May.
In October, the US extended a license that allows certain transactions with PDVSA's joint venture Nynas AB despite US sanctions on the Venezuelan oil sector.
The White House started introducing harsh economic sanctions against the Venezuelan economy, which is in the throes of an ongoing crisis, back in 2018 in an effort to oust democratically elected President Nicolas Maduro. Additionally, the US supported self-proclaimed interim President Juan Guaido, who also sought to unseat Maduro, thereby exacerbating the political crisis afflicting the country alongside the economic one.