Russian shareholders may transfer control of Serbian oil company under US sanctions.

On November 11th local time, Serbian Minister of Mining and Energy announced that the Russian shareholders of the Serbian oil company, which is under US sanctions, are willing to transfer control of the company to a third party. She stated that the Russian shareholders have applied to the US Department of the Treasury's Office of Foreign Assets Control to delay the effective date of the sanctions during negotiations with the third party. She also pointed out that the Serbian government supports this request. Earlier this year, the Serbian oil company was included in the US sanctions list due to so-called "secondary risks." So far, the US has postponed the effective date of the sanctions 8 times. During this time, the ownership structure of the Serbian oil company has undergone several changes.