Serbia's Central Bank Halts Transactions Amid Sanctions

Serbia's central bank has announced it will cease all payment transactions for NIS, a Russian-owned oil company in Serbia, if its operating license is not renewed. This decision follows sanctions imposed by the U.S. Treasury's OFAC on Russia's oil sector, including NIS, in January.

In a bold move, Serbia's central bank declared it will halt all payment transactions for NIS, the Russian-owned oil company operating in Serbia.

This action is contingent upon the renewal of NIS's operating license, without which the transaction ban will be enforced.

The announcement comes in the wake of January sanctions imposed by the U.S. Treasury Department's Office of Foreign Assets Control targeting Russia's oil sector, directly impacting NIS.

(With inputs from agencies.)