Baker McKenzie represented Nynas AB in its successful negotiations with the US Treasury Department's Office of Foreign Assets Control (OFAC) to have US sanctions targeting Venezuela lifted from the company. On May 12, 2020, OFAC announced that it lifted US sanctions on Nynas after the company completed a restructuring of its shareholders and board of directors, in coordination with OFAC.
The lifting of US sanctions is a key component of Nynas's current corporate restructuring under Swedish law.
Nynas is based in Sweden and is a global company with a strong position in niche markets. Its specialization in naphthenic specialty products and bitumen sets Nynas apart from most other oil companies, which offer oil as a source of energy. Nynas’ core competence is to refine heavy crude oil into a balanced mix of long lasting, high performance specialty products for sustainable use.
Nynas is the leading brand and global market leader in naphthenic specialty products and a market leader in bitumen in the European market where it operates. Nynas’ products support growth in infrastructure and touch the lives of nearly everyone every day through their presence in roads, roofs, running shoes, adhesives, rubber, paint, magazines, and lubricants, which are just some of the thousands of everyday objects that contain Nynas oils.
Baker McKenzie's US team was led by partners Nicholas Coward and Alexandre Lamy in Washington, DC and involved Meghan Hamilton in Chicago. The Swedish team consisted of the partners Mattias Hedwall and Carl Svernlov with project lead by Olof Konig, senior associate in Stockholm.
For more information, please see the OFAC announcement.