The United States Department of the Treasury's (US) Office of Foreign Assets Control (OFAC) has extended the operating license of the Petroleum Industry of Serbia (NIS) until February 20, Radio Television of Serbia reports.
In a letter to the Treasury Department, OFAC outlined the conditions under which the operating license is valid.
The letter states that transactions must not involve US entities and the US financial system, and must not be on behalf of or for the benefit, directly or indirectly, of any blocked entity other than NIS.
Another condition stated by OFAC is that the transactions must not involve any other activity that is "subject to sanctions under the Sanctions Regulations for Russia's Malign Foreign Policy Activities (31 CFR Part 587), the Ukraine-Russia Sanctions Regulations (31 CFR Part 589), or regulations of other U.S. sanctions authorities," RTS reports.
NIS received the previous license to continue operations three weeks ago.
The condition for issuing the new license was that Gazpromneft and Hungary's MOL, which is negotiating the purchase of Russia's stake in NIS, submit a preliminary agreement to OFAC.
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