The language was extended somewhat from the original designs and the way the period ends IF statements and such happened a bit by accident. It causes just the sort of bugs you're seeing now.
Looking [link|http://publibz.boulder.ibm.com/cgi-bin/bookmgr_OS390/BOOKS/AM0C1002/CCONTENTS?DT=19921218100410|http://publibz.bould...DT=19921218100410] I see that the *both* IFs are terminated by the single period. Your Russian colleague is correct. Technically, your nested IF is not legal.
Other IBM COBOL resources: [link|http://publibz.boulder.ibm.com/cgi-bin/bookmgr_OS390/BOOKS/AM0C1002/CCONTENTS?DT=19921218100410|http://publibz.bould...DT=19921218100410]
Wade.