Serbian oil company NIS asks the U.S. for a new sanctions exemption – Reuters

The Serbian oil company NIS, which is owned by Russia and operates the country’s only oil refinery, has applied for a new exemption from U.S. sanctions. The company seeks to continue operations beyond September 30, when its current exemption expires.

The company supplies up to 80% of the Serbian market, and its controlling stake is held by Russian entities affiliated with Gazprom Neft. NIS needs the new exemption from the sanctions regime to maintain a stable supply and continue importing crude oil until the planned sale of the Russian stake to the Hungarian oil and gas company MOL.

The U.S. Office of Foreign Assets Control imposed sanctions on NIS last October as part of measures targeting Moscow’s energy sector due to its invasion of Ukraine. Washington insists on the divestiture of the Russian stake, which is why the Serbian company has already received temporary permits on several occasions to finalize the deal.

Source: Reuters.

Previously, Serbia’s NIS had already asked the U.S. to postpone the sanctions.

Serbia to Resume Operations at Sanctioned NIS Oil Refinery