The US Department of Finance has updated the list of sanctions related to the Balkans. Slobodan Stanković, who died in February 2023, was removed from the list, as was his company “Integral inženjering” from Laktaši.
Banks in Republika Srpska have been closing the accounts of all individuals and legal entities that have been hit by US sanctions for the past month. Among them was this company, the possible closure of which would cause an economic collapse in the Republika Srpska, given that it is one of the largest companies in all of Bosnia and Herzegovina. This company is currently engaged in 11 projects in Bosnia and Herzegovina, Serbia and Croatia, and there are more than ten thousand workers on construction sites.
Shutting down accounts seriously threatens the business and survival of certain companies, warns Republika Srpska Prime Minister Radovan Višković, who himself is under US sanctions.
RADOVAN VIŠKOVIĆ, Prime Minister of the RS (March 29, 2024)
“Alternative solutions are being worked on so that neither the number of employees nor the work of the companies themselves will be called into question. But he creates aggravating circumstances for people”.
In “Integral inženjering”, they confirm for BHT1 that they have been removed from the American “blacklist”. They welcome OFAC’s decision, which they say will restore the company to full functionality and allow it to continue providing high-quality construction services throughout the region.
“We take this opportunity to thank all our staff who had to endure pressure and uncertainty during the delisting process, our business partners who remained loyal to Integral”.
The Chamber of Commerce believes that the collateral damage should not be workers, who would be left on the streets due to the closure of companies, and that banks should not close the accounts of companies due to political sanctions.
GORAN RAČIĆ, president of the Banja Luka Regional Chamber of Commerce
“We believe that without judicial court rulings, they should not undertake any actions that would have negative repercussions for companies, and therefore also for the employees of those companies.”
The closing of the accounts of companies that have come under US sanctions has opened numerous discussions, including whether there are alternative solutions or whether this means the end for the companies that have come under attack.
ZORAN PAVLOVIĆ, economic analyst
“In case of account closure, the best and only thing that can be done is to close the company. Closing a company means leaving a bunch of things unfinished and the like. It is very difficult. It would be easiest to sell the company to someone close to you and in that process even change the name of the company, of course”.
Sanctioned officials often said that the American sanctions had no effect because they were related to the travel ban and the freezing of assets in that country.
MILORAD DODIK, President of the Republika Srpska (April 2, 2024)
“As far as we are concerned, the point is on sanctions. Let anyone write what they want. Let him say what he wants. We don’t have time to deal with that. Nor do we want to deal with it”.
However, everything changed after the recent visit to Bosnia and Herzegovina by the acting assistant secretary for finance of the United States of America, Anna Morris, who warned domestic banks that by doing business with persons who are on the “black list” they risk being sanctioned themselves. She also announced the expansion of the American “blacklist”.
ANNA MORRIS, c. d. of the US Assistant Secretary of the Treasury (March 7, 2024)
“I think it is reasonable to expect more US sanctions for those who undermine the peace, stability and territorial integrity of BiH”.
The list of sanctions is maintained by OFAC, an office within the US Department of Finance, and it includes more than 40 persons and legal entities from Bosnia and Herzegovina. This list was first published in 2001 and has been regularly expanded since then. It’s rare cases like “Integral” to get someone off this list.
