In a letter to the Serbian Ministry of Finance, OFAC stated the conditions under which the operational license for the Serbian Oil Industry is valid
US Department of the Treasury's Office of Foreign Assets Control (OFAC) extended the operating license for work Oil Industries of Serbia (NIS) until February 20th.
In a letter to the Serbian Ministry of Finance, OFAC stated the conditions under which the operating license is valid.
The conditions are that the transactions do not involve US entities or the financial system SAD, that the transactions do not involve, are not on behalf of or for the benefit, directly or indirectly, of any other blocked entity other than NIS.
It is also a condition that the transactions do not involve any other activity that is subject to sanctions in accordance with the Regulations on Sanctions Due to Harmful Foreign Policy Activities of Russia (31 CFR Part 587), the Regulations on Sanctions Related to Ukraine and Russia (31 CFR part 589), or the regulations of other US authorities authorized to impose sanctions.
The previous license to continue work, which NIS received three weeks ago, was supposed to expire at midnight.
NIS filed a new extension request on Monday as the preliminary purchase agreement was submitted to OFAC Gazpromneft and MOL, which was also a condition of the American administration for a new work permit.
The ownership structure could be known as early as mid-March, and the state of Serbia would acquire more than a third of the shares in the key energy company.
In the meantime, the production of oil derivatives began in Refineries, which was suspended due to the cessation of crude oil delivery to NIS.
OFAC previously issued a license to the Serbian Oil Industry, which extended the deadline for negotiations on the sale of the Russian stake until March 24.
Sanctions imposed by the US on NIS due to the majority Russian ownership in the company came into effect on October 9 last year.
Source: RTS
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