OFAC Finally Sanctions Serb Refiner

U.S. sanctions on Naftna Industrija Srbije (NIS), Serbia’s sole oil refiner and largest energy company, took legal effect on October 9 after repeated postponements, ending months of temporary waivers that had allowed continued operations despite majority ownership by Russia’s Gazprom Neft. Treasury's Office of Foreign Assets Control (OFAC) confirmed the enforcement following eight extensions since NIS was added to the Specially Designated Nationals (SDN) list in January for its “secondary-risk” Russian ownership.

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