The US Office of Foreign Assets Control (OFAC) said sanctions against the Russian-owned Oil Industry of Serbia (NIS), Serbia’s sole crude oil refiner, have taken force after several delays, a move that could hit the Balkan nation hard.NIS said on October 9 that a special license from the US Treasury that allows the company to operate was not extended after being delayed eight times since the company was first put on the US sanctions list in January for its “secondary risk,” its Russian ownership. The sanctions are aimed, among other things, at…
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