U.S. authorities have threatened to impose secondary sanctions on the National Bank of Serbia over payments made with the \u201cDina\u201d card at NIS gas stations. According to Nova.rs sources, if this practice continues, sanctions will certainly be imposed.<\/p>\n\n\n\n
President of Serbia Aleksandar Vu\u010di\u0107 stated that the National Bank of Serbia had received a warning regarding payments at gas stations using the \u201cDina\u201d card. He said he hopes that the United States (USA) will not impose secondary sanctions on Serbian financial institutions for doing business with NIS at least until mid-December, so that Serbia can try to resolve the issue of sanctions against NIS.<\/p>\n\n\n\n
However, experts say that these sanctions against major financial institutions such as the National Bank of Serbia are almost certain.<\/p>\n\n\n\n
\u201cIf NIS continues to enable payments through DINA cards, as well as through cash transactions, there is a 100 percent possibility of secondary sanctions being imposed on Serbia,\u201d lawyer Tomislav \u0160unjka, an expert on international sanctions, told Nova.rs.<\/p>\n\n\n\n
He stated that secondary sanctions can cause serious consequences for a country\u2019s financial system.<\/p>\n\n\n\n
\u201cThese sanctions, which will almost certainly be imposed on us, primarily mean a ban on international transactions with Serbia. In addition, once secondary sanctions are introduced, all Western banks operating in Serbia will receive orders from their home countries to cease operations in our country, as will all foreign insurance companies. If sanctions affect the National Bank of Serbia, all financial institutions that correspond with it will withdraw from cooperation. In conclusion, secondary sanctions would mean the complete collapse of Serbia\u2019s financial system and the exclusion of our country from modern civilization,\u201d \u0160unjka emphasized.<\/p>\n\n\n\n
What are secondary sanctions?<\/p>\n\n\n\n
The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury enforces so-called secondary sanctions against foreign individuals and entities engaged in specific business transactions with entities already under primary U.S. sanctions.<\/p>\n\n\n\n
\u201cUnlike primary sanctions, which apply to U.S. persons or transactions connected to the U.S. financial system, secondary sanctions can be imposed on entities from other countries even when there is no direct link to the United States. The purpose of these measures is to increase pressure on countries, organizations, or individuals that are the subject of U.S. sanctions by deterring foreign companies and financial institutions from doing business with them,\u201d \u0160unjka explained.<\/p>\n\n\n\n
Secondary sanctions, he noted, can include restrictions on correspondent or other accounts in U.S. banks.<\/p>\n\n\n\n
\u201cThey may also include bans on certain transactions with U.S. entities, placing a foreign entity on the Specially Designated Nationals (SDN) list, which prohibits business dealings with U.S. persons, as well as possible criminal or other legal liability in cases of deliberate violations. Through these rules, OFAC seeks to prevent indirect or concealed business dealings with sanctioned entities and to ensure consistent implementation of international financial restrictions,\u201d \u0160unjka said.<\/p>\n\n\n\n
To recall, Serbian President Aleksandar Vu\u010di\u0107 stated yesterday that he hopes the U.S. will not impose secondary sanctions on Serbian financial institutions at least until mid-December.<\/p>\n\n\n\n
\u201cI am asking our American partners, if they can hear me now \u2014 and I know they do, because they closely follow every statement \u2014 please do not impose so-called secondary sanctions on our financial institutions for doing business with NIS. Let us continue at least until mid-December to try to resolve all our problems. Then, if you must, give us at least a seven-day notice so we can warn everyone and ensure a safe life and secure future for our banks, especially Po\u0161tanska \u0161tedionica, but also other banks operating in our system,\u201d Vu\u010di\u0107 told reporters in Tashkent.<\/p>\n\n\n\n
When asked to comment on media reports that the U.S. is unwilling to compromise regarding NIS and expects the Serbian government to completely remove Russian ownership from the oil company, Vu\u010di\u0107 said he was not pleased with such a stance.<\/p>\n\n\n\n
It should be recalled that after U.S. sanctions were imposed on NIS in early October, the company suspended payments for fuel by all cards except DINA and introduced cash payments.<\/p>\n\n\n\n
NBS issues a statement<\/p>\n\n\n\n
The National Bank of Serbia (NBS) announced today that claims suggesting sanctions against the NBS are \u201calmost certain\u201d due to payments with the Dina card at Naftna industrija Srbije (NIS) gas stations represent unfounded fearmongering.<\/p>\n\n\n\n
The Dina card is a domestic payment instrument, just like the dinar or cash and instant payments, the statement said, adding that the issue of NIS is being addressed at the highest state level and that the public will be promptly informed about concrete solutions.<\/p>\n\n\n\n
\u201cTHANK YOU TRUMP FOR CORRECTING THE INJUSTICE\u201d: Milorad Dodik spoke out about the lifting of American sanctions!<\/a><\/strong><\/p>\n\n\n\n THEY ARE NO LONGER ON THE BLACK LIST: The USA lifted sanctions on Milorad Dodik and \u017deljka Cvijanovi\u0107!<\/a><\/strong><\/p>\n\n\n\n TURKISH JOURNALIST SHARPLY RESPONDED TO SPAJI\u0106: \u201cYou accepted criminals, and now you are shifting the blame to Turkey!\u201d<\/a><\/strong><\/p>\n\n\n\n \u201cROADS OF SERBIA\u201d DENY THEMSELVES: The roads to Novi Sad will not be closed!<\/a><\/strong><\/p>\n\n\n\n GREAT RECOGNITION FOR A SERBIAN FROM CHICAGO: Doctor Kne\u017eevi\u0107 included among the top 2 percent of scientists in the world!<\/a><\/strong><\/p>\n\n\n\n Source<\/strong>: Nova.rs<\/a>, Telegraf<\/a>; Foto<\/strong>: ATA Images<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" U.S. authorities have threatened to impose secondary sanctions on the National Bank of Serbia over payments made with the \u201cDina\u201d card at NIS gas stations. According to Nova.rs sources, if this practice continues, sanctions will certainly be imposed. President of Serbia Aleksandar Vu\u010di\u0107 stated that the National Bank of Serbia had received a warning regarding […]<\/p>\n","protected":false},"author":2169,"featured_media":191564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"footnotes":""},"categories":[7],"tags":[71,9391,349,3569,9392,3570,738,23,113],"class_list":["post-191563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-serbia","tag-amerika","tag-dina-kartice","tag-ekonomija","tag-naftna-industrija-srbije","tag-nbs","tag-nis-2","tag-rusija","tag-sad","tag-srbija","entry"],"aioseo_notices":[],"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Serbiantimes.info EN","distributor_original_site_url":"https:\/\/serbiantimes.info\/en","push-errors":false,"_links":{"self":[{"href":"https:\/\/serbiantimes.info\/en\/wp-json\/wp\/v2\/posts\/191563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/serbiantimes.info\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/serbiantimes.info\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/serbiantimes.info\/en\/wp-json\/wp\/v2\/users\/2169"}],"replies":[{"embeddable":true,"href":"https:\/\/serbiantimes.info\/en\/wp-json\/wp\/v2\/comments?post=191563"}],"version-history":[{"count":2,"href":"https:\/\/serbiantimes.info\/en\/wp-json\/wp\/v2\/posts\/191563\/revisions"}],"predecessor-version":[{"id":191585,"href":"https:\/\/serbiantimes.info\/en\/wp-json\/wp\/v2\/posts\/191563\/revisions\/191585"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/serbiantimes.info\/en\/wp-json\/wp\/v2\/media\/191564"}],"wp:attachment":[{"href":"https:\/\/serbiantimes.info\/en\/wp-json\/wp\/v2\/media?parent=191563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/serbiantimes.info\/en\/wp-json\/wp\/v2\/categories?post=191563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/serbiantimes.info\/en\/wp-json\/wp\/v2\/tags?post=191563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}