In Bosnia and Herzegovina, measures imposed by the United Kingdom against Russian state-owned oil producer Zarubezhneft could disrupt banking and cross-border transactions for Republika Srpska petroleum companies, including Nestro Petrol and Optima Group. The restrictions also cover entities directly or indirectly owned or controlled by Zarubezhneft. Its interests in the entity’s oil sector are held through Neftegazinkor, which acquired local petroleum assets in 2007.
Banks in Republika Srpska have already received notices about restrictions on some transactions involving affected businesses. The UK’s Office of Financial Sanctions Implementation has set a wind-down period for existing transactions involving Zarubezhneft and its subsidiaries, ending on 21 November 2026. The measures could especially affect companies reliant on international banking, cross-border payments and UK-linked counterparties.
Ownership links and wider sanctions
In the original privatization, Neftegazinkor took ownership of the Brod and Modriča refineries and the Petrol filling-station network, placing much of Republika Srpska’s oil industry under Russian ownership. The latest British measures are part of a broader sanctions package targeting 38 additional entities. Those entities are linked to Russia’s petroleum sector, military supply networks and alleged sanctions circumvention.
