OFAC extends NIS operating licence until February 20

BELGRADE - The US Office of Foreign Assets Control (OFAC) has extended until February 20 an operating licence issued to the Serbian oil company NIS, Tanjug learns.

NIS is under US sanctions due to its Russian majority ownership.

In a letter to the Serbian Ministry of Finance, the OFAC said the licence had been extended on the condition that NIS transactions do not involve US-based entities or the US financial system, any other entity under sanctions other than NIS, any other activity subject to sanctions under regulations on sanctions due to Russia's harmful foreign policy activities, regulations on sanctions related to Ukraine and Russia, or regulations of other US bodies authorised to impose sanctions, the RTS reported.

The previous operating licence, granted to NIS three weeks ago, was to expire at midnight.