In Bosnia and Herzegovina, UK-imposed restrictions on 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 measures also apply to entities directly or indirectly owned or controlled by Zarubezhneft. The Russian company holds its interests in the entity’s oil sector through Neftegazinkor, which acquired local petroleum assets in 2007.
Banks in Republika Srpska have received notifications about restrictions on some transactions involving affected businesses. The UK’s Office of Financial Sanctions Implementation has set a wind-down period until 21 November 2026 for existing transactions involving Zarubezhneft and its subsidiaries.
Banking and ownership exposure
The measures could have particular consequences for companies that rely on international banking, cross-border payments and counterparties linked to the UK. The original privatisation transferred the Brod and Modrica refineries, along with the Petrol filling-station network, to Neftegazinkor. This brought much of Republika Srpska’s oil industry under Russian ownership.
The latest measures are part of a broader British sanctions package covering 38 additional entities. Those entities are linked to Russia’s petroleum sector, military supply networks and alleged sanctions circumvention.
